[Update 2:45PM: Looks like it was a [C] wave of a 3-3-5 flat perhaps.]
[Update 2:18PM: 5 wave down structure in there somewhere from today's peak.]
And courtesy of Sentiment Trader http://www.sentimentrader.com the AAII 4 week survey average. Well you cannot say there is excess pessimism. 4 week average is highest since May 2008 I believe.