The above 5 minute chart can be counted as a five wave decline, what I don't like about this five wave decline is, that wave iii didn't extend, which is why the five wave count seems to be a forced count, therefore the red ALT a-b-c count seems more likely at this point in time.The kind of action to the downside I'm looking for can be seen in the 5 minute chart below of the Banking Index.
As can be seen wave iii clearly became extended and became 4.236 times longer than wave i and wave v became 38.2% of wave i through wave iii. This is a clear impulsive wave and would be the right kind of stuff to see and before calling the top in the S&P 500.
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