Very difficult pattern to analyze in EW terms since the Sep 19 ATH. Although the market was quite "oversold" by just about any measure by mid-week the EW count looks like it needs at least one more thrust down to new lows for the move. A possible target area is between 1801.25 where Intermediate W3 = 3 x Intermediate W1 and 1791.00 where Minor W3 = 3 x Minor W1. If this downdraft develops it will likely generate momentum divergences on a variety of technical indicators and could be an opportunity for a long play. But extreme caution should be exercised in that eventuality.
Long term view:
Notice how that 1795 - 1805 area has acted as a pivot in the last year.
