We have three waves down on the daily. Wave one's price low is 1294. Wave four cannot retrace into that price range by EW rule. There is not much point to jabber too much again about it all today. Simply put, the market needs to make a lower low prior to breaching 1294.
Today's internals were screaming at the open with the up volume ratio reaching over 40:1 in the first few moments. It looked like it was going to be a monster up day or a "kickoff" day to another leg, but churning and selling kept prices from getting out of hand. End of the day was a much more muted "hum drum" (as these things go) 4.2 up volume ratio and advancers at less than 3:1. So all in all, this fits perfectly well into a wave four "relief rally" as long as prices remain under 1294.
And yeah, now the bulls have a huge gap standing out on the chart.
For now wave degrees are not important so much as form and wave structure. Looking for 5 waves on the daily to confirm a downtrend.