[Update 11:40AM: Bounce at both gap and trendline support. Downside internals are not really too bad (yet) considering we have had some doozy down days. Its low volume dog days of August still. If the market can fill that gap up, then Minor 3 probably moves to the top count. Until then we have a 50% pullback from the 1088-1128 run-up which is still possible (b) of [y] wave territory.
We'll see if this is just a dead cat bounce.
Well I got to run. Tricky market as usual.]
[Update 10:45AM: Obviously another chart I am looking at is my market internal mapping using the Wilshire. 11700 area is an important marker. If it loses this on larger volume, then the top may be in.]
And at the moment, it doesn't look good for bulls.]
[Update 10:13 AM: Under the double zigzag scenario, it is missing a wave up. As long as 1115 area holds as major support, a move higher can be done even on light volume. Time is a big wildcard. And I suppose that depends on sentiment. If it takes long for sentiment to get appropriately bullish, then this pattern may drag out.
So 1113-1115 breakout area is the one to watch.]
Late start today I missed the action. Off work so I may post a chart or two.