DowDiva,
Looking at the daily chart I would call the sell-off from last week's top impulsive. The intraday and futures charts both show a 5 wave move, with no overlap of waves 1 and 5; however, wave 5 is disproportionately large.
I still have a bullish alternate count. SPX and INDU are in wave 4b of an ending diagonal. This idea is supported by looking at the German DAX market, which is of similar importance as the Industrials in the US. For the bullish count to be eliminate, the INDU would have to break below 16120, and the SPX below 1820. This does not change my count for the DAX.
Either way, (wave 1 down of crash VS wave a of wave 4 ending diagonal) the past 2 sessions have been a choppy advance to fibonacci levels, so short term should be down the next couple of days.
