Wave 2 ended at the upper range of the target area set yesterday, which adds confidence in the bearish count.
The decline from 1,209.37 does look impulsive in caracter, but 1,205.50 must not be broken now as that would leave us with a three wave decline only and would force me to adapted the bullish count calling for a new high above 1,219.80.
I do like the bearish count better, but I'm a little concerned about the almost to perfect five wave decling from 1,205.50 to 1,191.92, but a break below 1,191.92 would "kill" that concern.
A break below 1,191.92 should spark prices a lot lower as that should be wave iii of 3. Wave iii should fall to at least 1,175.70, but I wouldn't be surprised to see a decline to 1,165.19 as wave iii extends.
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