25 Jan 2016 - Has The Correction Ended?

The pattern seems to show a corrective price move from the lows made last week, but knowing precisely if it has ended is a bit difficult in that a sub-division is possible,  The move lower today also doesn't seem too impulsive, and will have to see more development into open trade tomorrow to have an idea of how the price outcome will affect the analysis.

Current intra-day chart signaled a bearish start at 8:30 am in the futures market, and will close bearish.  If the open tomorrow can sustain a push lower the ST might be at risk of turning down as well.  Thus far the intra-day signals will only be effective for a few hours, and is not considered long-term. But day traders can take advantage of these signals, while swing traders wait for the ST to change its stance.  Perhaps this draw down from this morning is a sub-dividing B-wave with a C-wave up to come. This is of course speculative, but nevertheless a possibility...

SEN: Bearish
ST: UP
PA: NA

If the count above is the case then the impulsive move in the late hour sell-off makes perfect sense.

If the rally extends then find resistance at the 50% ret. or the down trending blue-dotted line.