Note small five subwaves since pink wave (iv):
Overthrowing its expanding Ending Diagonal pattern?
Still a wide non-confirmation between the NY Composite and the Industrials. Does it matter? I think so.
Yesterday's CPC close. Pretty frothy.
Price action was potentially bearish today with the morning poke up high and then closing lower than yesterday's close. What the bears need is follow-through to the downside to confirm this potentially bearish candle.
The minimally fulfilled wedge in the S&P and a potential wave 3 down in the Wilshire5000 could portend an intense wave of selling.
Here is the kicker: IF this is wave primary  down to come in the S&P and Minor wave 3 down in the Wilshire5000 and DJIA, prices could drop extremely fast after upper support breaks.
WHERE IS THE MARKET BREAK POINT?
Well the lower rising wedge trendline on the S&P500. This would roughly match a price area betyween the 50 DMA and the 200 DMA between 1365 and 1332 SPX. If prices break beneath the lower rising trendline - and by extension the 50 and 200 DMA - things could get out of hand to the downside.