Quick mechanical review, using the Wilshire 5000 as reference, it managed 4 straight squeaker closes above the 19:1 decliner candle down day. http://3.bp.blogspot.com/_TwUS3GyHKsQ/TBvSC_p6poI/AAAAAAAAF5s/5xL2_FX_muk/s1600/wlshdaily.png Yesterday it attempted to break out of this area by shooting up hard at the open and then fall back and using this area as support.
I figured there was a decent chance that it would be successful and that we had a Minute [c] of 2 "kickoff". But at the end of day the effort was unsuccessful because the market closed under the top of the 19:1 candle yesterday. Yet it was not a complete and utter failure...yet. We suppose the market can consolidate some more in a [b] wave and hold some kind of decent support not too far under the 1100 area and perhaps will it try again in a [c] wave proper.
The e-minis structure supports that theme for now. Having been in a channel since its recent low, Its probably now out of the channel. It would yet again consolidate in a [b] wave I would think before attempting another breakout higher.
So thats the top view for now. However, if we get overwhelming sellers back in the market, lose some key support areas (green lines on the e-minis) then something more sinister is happening and there is an excellent chance Minor 2 had quietly completed its retrace mission.