2 Sept 2015 - Extended Correction

The market is a non event today, and based on my EW analysis we are still in a corrective condition. The SPX is still in a down trend and being held in support by the Gann line.  I suppose the price action is not surprising as there are no OS or OB condition on the immediate time frames ranging from Daily through to the Intra-day.

For a bearish view, an acceleration downward should form with impulse to confirm.  The indicators should also stay bearish and in OS territory.  Currently the ES intra-day chart is in OB which gives us that subwave C up to possibly finish the correction and have us continue lower as soon as tomorrow.  The overnight though needs to come out of that OB range and keep us bearish before the open in the market tomorrow.

SEN: Bearish
ST: DOWN
PA: NA

Since the sentiment is bearish, it would be easier to concentrate on possible bearish counts, but cannot rule out any and existing bullish counts out there.