Looking for a lower low than 1249 comes prior to any movement into 1294 price range. If a lower low comes first, we have a legitimate 5 wave down structure, at a minimum.
We should be able to see a 5 wave move on the daily when and if it occurs. And if it is a Minor-sized impulse lower, we have good reason to believe the US market has yet to experience its true panic selling wave.
As far as internals, the market did a repeat of yesterday: Up huge open almost 60:1 up volume ratio in the first minute but closed the day at a mere 2.4:1. Is this the market saying "I'm giving it all I got and its maybe not enough?"