We might still be in the first wave down of 5.  The second wave might show up on the daily charts (if it wants to)

As always, we just have to wait and see.  This whole 5th wave is supposed to go to somewhere around 625 to 640 in the S & P.  (If wave 5 equals wave 1)

I just read in "View from the Top of the Grand Supercycle" by Robert Prechter Jr.  (Pg 161) that 5th waves of major degree are prone to containing a double extension, in subwaves three and five.

If a fifth wave following a triangle does not stop at a nominal thrust measurement, it is likely to be an especially long extension.

If fifth wave following an extended third wave is not roughly equal in percnetage gain to wave one (at least within a 2/3 multiple) then wave 5 is probably a developing extension with much further to go.

This all means that we COULD have a long and hard thrust down as wave 5 progresses possibly even below 625 of S & P.  (As Dodger says "We shall see")FinaM