It looks more clear now that we have 5 waves down from 1597 and it ended at 1543. This is a -54 point drop. If this is the case, then we either finished wave A of int. 4 of we just finished wave 1 of a bigger, and scarier correction.
Covered shorts, went long at 1546.
I still think we are in intermediate wave 4. Wave A completed and wave B commenced at 1543 and is on its way to make at least 3 waves up.
Wave B retrace varies obviously but for now I think Friday is a likely change in trend date so there is not much time for this wave to get going. If we had 5 waves down, then we likely have a 5-3-5 arrangement. This means that I expect the wave B retrace to fall somewhere between 1568 and 1574. It may go higher but 1575 is going to be a huge hurdle to surpass.
If we get a double top at 1575, then wave C down is at minimum 1575-54 = 1521. If 1.618 of wave A then we have 1486.63 as a possible wave C down target. I doubt we get to see a 2.618 wave C...since this would indicate a price target of 1432, which violates what I am thinking long term...that this is wave 4 and we still have a wave 5 up.