Elliott Wave Update ~ 19 December 2011 [Update 8:12PM]

[Update 8:12PM:  A small positive divergence on the Breadth Thrust indicator.  Doesn't always pan out, but it is something that often precedes a rally as you can see where I have marked various divergences over the past year or so.

[Update 7:30PM: DJIA count from the perspective that a (c) wave is coming soon.

ORIGINAL POST
Another faded open this time much more quickly.

Will the market bounce at the potential apex line?

I tweaked the channel line a bit from this morning.  Rejected again at the line and its losing support.  If prices travel again to the lower channel line, its another 20 point drop.

Not a perfect impulse down, but its not too bad either.   Channeling nicely.