We don;t have a very good squiggle count and there does not seem to be a good impulsive down on anything. New all time highs on the Russell 2000 and recovery high on the NASDAQ composite. The market is fractured at the moment as a result.
Its interesting that the banking index BKX seems to be leading the way lower. It of course led the way lower in the 2007-2009 bear market.
Yet the market is wedging as a whole in perhaps a bearish rising wedge formation.