The primary count is Minute [iii] of Minor 1 of (1) of P down. Intermediate (1), being the first subwave of P down, should try and take prices beyond P which was 666 SPX. Hence is why i have this market's count only in Minor 1.
We are looking for the bottom of Minute [iii] is the best guess count. It may have bottomed today or we get a final capitulation tomorrow.
Selling pressure was historic. The market tried to bounce near end of day but broke down yet again. I have usually suggested P would be stronger than P right out the gate. It has been indeed so far.
H&S shoulders target for the SPX has been reached and then some. Industrials exactly hit its target today. The NASDAQ composite has not yet hit its H&S target. So we are likely getting close to the end of Minute [iii]..But indeed this knife is sharp.
Squiggle count - I'll work on a more detailed one and post later.
Here is why I have this labeled as Minor 1 - If you have a target of DOW1000, as I do, for the end of the bear market - thats a long way down. It is also likely to be much quicker than P.
The theme is "back to the '70's." Stocks, houses, jobs....
Once the neckline at 666 is broken, there is no support. Thats the vision.