I'm unable to put up a thorough post tonight. Hopefully Elliott Wave International subscribers can get adequate information on the markets action today. The bottom line is that today's sideways action followed by a sharp selloff is conducive of a 4th an 5th wave. And this fits well with the wave structure that unfolded from last week's wave (ii) high since it's completed a five wave drop. So a short term rally might ensue to correct that five wave drop before more selling occurs. But last weeks wave (ii) high should hold and the trend is sharply lower as long as that high holds.

I should be up and running more normal for tomorrows post.