Makes a very nice 5 wave move down. It even shows alternation between waves ii (sideways) and wave iv (sharp). And wave iii has no internal awkward overlap and a nice down candle smack where it should in the middle that would form the "blue box" area. There really is not other sensible way to label this move. Now lets see if it can tranlate to the cash index.
Eventually that something and everything they do will ensure deflation in the markets. It just makes common sense. You have a "wild west" going on right now with practically unregulated prop trading, CDS markets (bets) and massive dark pools, fraud, insider trading and agencies, the White House and a Congress enabling it all. So with all that, any change will be to the "less wild west" side of things.
The next Congress will not aid and abet so much that you can be assured.
No where at any time on earth has governments been able to engineer and control mass social mood. They like to think they can but they cannot. That is the hubris that brings down powerful nations time and time and time again.