Below you can see an updated version of the wave (4) count. There are obviously more bearish alternatives but for now I prefer to keep it simple. No important long-term supports have been breached and thus I'll remain cautiously bullish long-term.
We've had many sell offs since late 2011. They measured between 80 and 155 points. The current decline measures 110 points so far. Thus, bears shouldn't get too excited yet.
Author: Patrick Eugster
