In the 2007-fractal we can see a similar pattern:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi6dwvB7B_ONGkw3VRFCWpEd5ULj3-pyQEZJwjpsUpCsnyEue5tWrD0PPBg8otWdS59xL9bWvh8CsxPWY5_6L88CVfnYiOGqZoTuLrYb0cp5pqS1voutLhsh9CvuNkxkv3ZTq5sG9bl-WY/s320/s&p500fractal05012010.jpg)
If the market doesn't decline below the Wednesday low of 1182 we should see a nice rally next week.
Should however the SPX decline further I think it will test the 1170 area as I originally expected.
Gonna post EW counts later ; )
Edit: Inside the red circle you can see a rally from the lows and then a decline that almost retested this low. In 2007 the rally had a length of 28.12 points and the decline 22.88 points. Today the rally had a length of 27.74 points and the decline 23.04 points...