....which resulted in this:
[Update 7:33PM: IYR's proposed ED pattern.
A closer look shows a classic wedge.
There likely has been too much overlap in the indexes, except for the DJIA, to consider Minor 5 as a normal 5 wave impulse structure.
It does not fit well that a major top such as proposed P, ended on a multi-month 3-3 pattern (3 down then 3 up) which does not fit well within context of the larger wave structure. So we still must allow the market to sort itself out. And we must allow that the market may eventually, within the next few months or sooner, attempt another high based on the fact that the count does not look complete.
We have several options:
WE WAITED ON THE FINAL MINOR WAVE 4 AT THE 2009 LOW...IT NEVER CAME
Ironically, we waited on a Minor wave 4 at the 2009 low. http://2.bp.blogspot.com/_TwUS3GyHKsQ/SbIAC1Wq40I/AAAAAAAAAAc/S42Bp24kzaw/s1600-h/daily+SPX.png
But in that instance, we could say that Minor 5 occurred out of a triangle and was a single "thrust" move. In this case at the proposed P market high, we have no such previous setup in wave structure
WAITING ON WAVE COUNT CLARITY
Support resistance, gaps, technicals, trendlines, sentiment, and market internals.
In the end, something will work out.