Squiggles are a best guess here based on a possible wave  sideways action of the past few days. But for all I know, maybe stocks are instead just consolidating before a nasty plunge. Certainly we have seen futures since the close get active.
Da Bears have quietly taken a firmer grip of the markets. Even after today's opening spike you just felt that it was bound to reverse which it promptly did. Things are not particularly oversold so there is no requirement for a major bounce.