how's the S&P wave count looking?

Matt, re; 60 period stochastics now above 80% on S&P, have they crossed back under now?

Any thoughts on the current wave count?

Matt, re: "maybe the high of yesterday was the mini wave 2 bounce of wave 3" - looking more that way now.  Great analysis as usual, you guys are good.

I think the late rally yesterday was rumor / speculation about Lehman buyout.  News on that not good this a.m. with the gov not backing it with funds, LEH down 15% now

shorted myself via SDS with S&P at 1239, so good luck everyone.  Stops at 1255 S&P for me for now.

Is this possibly the final up wave C now?

Matt, C up to what level likely?  So this could all play out today?

Current market volatility looks like some kind of pre crash behavior to me, expecting we'll see a big move below July lows in coming days.  What's the highest this wave 2 bounce could go, 1250 area is what I'm thinking but what's your take?

that's a substantial wave 2 bounce you've laid out in the chart, might it be smart to cover shorts for now and reposition?  Wave 2 could go as high as 1270 per your chart or did I read that wrong?  Meanwhile Shreve from IBD on CNBC talking up retail sector, what's with the resilience there?

thanks for the chart Matt, how high do you see the wave 2 bounce going?

Will the S&P have a substantial bounce off the 1200-1215 level, or is wave 3 straight down through the July low?

Matt, interesting scenario, what's the highest you could see the S&P bouncing before the big 3 down and how low could the 3 down take it?

Matt, re: NDX bounce, any thoughts on how far that is likely to go?  thanks...

Silver below $11 now.

Anyone have a 15 or 30 minute chart on the S&P, trying to decide on short entry point.  Thanks....

Any thoughts on good place to add shorts on S&P or other indexes with the ultra short funds?  I hesitated getting short on the Monday rally and am regretting it as I agree with the wave 3 assessment.

What's a good short entry point on the S&P via SDS at this point?  Morning rally likely to fade by end of day and end up down again?

deflation is right, most have been looking for some variant of inflation, stag or hyper variety.  May happen after deflation takes it's toll but meanwhile, almost all assets go down.

Matt, gold will crack to 750 or below within days I think.  If we are entering a gold bear, as  it looks by the action in mining stocks, what's your downside target for gold?