Sunday, 7/27/14 update

Minor W5 of Intermediate W3 can be counted as done as of last Thursday's high.  If so it formed an ending diagonal which would portend a fairly steep drop for Inter W4.

Inter W2 was a flat so a zig-zag for Inter W4 would provide alternation.  Possible targets for Inter W4 are at 1942.75 which is a .236 retrace of Inter W3 and an area of prior 4th wave lows of lower degree, and secondly at 1937.00 where there is a volume hole as seen below.

Longer term perspective: