If wave 4 ended the bottom looks like

IF Minute wave 4 ended basically at the open today, here is the next move lower. Minor 3 historical levels appear to coincide with Minute wave 5 endpoints. It looks like a solid bottom could be established today before the close. Looking at the low below 4380.

There is still a chance Minute wave 4 will move up, however, the extension levels for Minute wave 5 will not change. The only thing to change in this instance would be duration for Minute wave 5. Minute wave 4 was capable of lasting 2-4 hours and at present is a single hour (or more like 10 minutes). Minute wave 5 is expected to last 2-6 hours currently based on the premise Minute wave 4 remains at 1 hour. The currently low between 1030-1044 eastern time today could be the end of wave B inside of Minute wave 4. If this is true, the index should climb above 4421 within the next 2 hours. A drop below 4400 likely invalidates this Minute wave 4 continuance theory and should open the door for 4380 today.

Tomorrow will likely begin a movement upward which may top out early next week.