The decline from 1,213.82 down to 1,184.06 is clearly a five wave decline, which we can lable 1 or A The current rally can only be wave 2 or B as the decline was a five wave matter it can't be totally retraced, so the area between 1,199 - 1,204 will be an ideal shorting oppotunity for at least one more decline to the 1,174 - 1,175 area if it's a B wave. If however it's wave 3 we should see 1,174 break without much support. When the bottom of wave 1 or A is broken your stop should be lower to just above the top of wave 2 or B.As I worte last week, I will trade this decline as if wave [B] has finished.
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