Note the declining market internals on each upside stab on the 60 minute chart below. The market is desperately trying to maintain prices and absorb the selling and trying not to make 5 waves down. But in the end the market will go where it will. And the overall wave pattern suggests a new low is coming. That new low has already occured in other indexes such as the Transports and European indexes such as the DAX and CAC
In the end, wave fours can be a whole lot of sideways slop and then the new low perhaps on a choppy wave count for the final wave. We have a whole lot of sideways in the last month.
CAC shows a 5 wave impulse down that may not be over. Approaching 2009 lows already it is showing leadership.
DAX is also a bearish looking wave count and playing catch-up to the downside. I don't even need to label things - you can see the wave structure and imagine a count.