Let's take a closer look to the two counts:
Bearish scenario (blue):
I labeled today's gap down as a wave (i) and the rest of the day as a wave (ii). Wave (iii) should follow tomorrow and break all these support lines.
Bullish scenario (orange):
We are still in wave 4 (flat). Wave 5 of (C) should start tomorrow and make new highs later this week.
(don't take the steep lines next Monday too seriously : D)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaiRBIM6GZGnKmNr0eujNNfZd1ZZOBYQMYYADkmyNaIfNYzDFwU3LZBbH-9vDYu_j-bTFiy86c0ZwZuVh2Ix_vnr8zGy_LIp8H4m6RfbwuiiLWlWzxwIT2E7rqB4WAv5spehUWVPVgyZ4/s400/spx11052009.jpg)
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