Yay, I'm back from travelling! No more crappy connections and compatibility problems.
The top wave count is that the market is in Minor wave 2 up. Today was a very strong day internally which supports the notion that a new structure (minor 2) is now in development. I realize the other indices do not have a 5 wave structure down but the most important index (my opinion) is that the Wilshire 5000 does display 5 clear waves down.
The general thinking is that Minor wave 2 will eventually carry at least a Fibonacci 61.8% back from peak. I actually expect it to eventually reach a bit more than 61.8% retrace. We shall see, its been a bumpy market.