The market is impulsing down from the recent DJIA 13,338.66 high. It appears there are 5 waves in place forming wave (i) down. Today's bounce is best categorized as a wave (ii) bounce. If this is a wave (ii) bounce the retrace bounce would normally be in the range of 38% - 62%. It is not yet in that range.
DJIA squiggle count:
I guess we'll know with the overnight futures how much risk is back on or off in the market and how Europe fairs overnight.