The media makes it sound like we are in a world sell off, and that we are in bear market territory.
This March contract still hasn't crashed to a new record low, which it still should do if the last sideways wave was a diagonal 4th wave. I sure cannot fit the decline into some super impulse decline, so something else is in the works that can still push this market back into a bull market with little problem.
The US dollar has taken a hit, but may be building a small base to bounce from, and gold has acted perfectly in response to the US dollar decline. Depending on which SP500 we keep wave counts on, some have broken to new lows and some have not. This gives us different wave counts for most of the major big indices.
In the meantime, we have to wait for the markets to find their bottoms and reverse. Only then can we see if the rallies follow a classic impulse set of waves. We need great looking impulse waves which point us into a new trend, but also compound into a bigger and longer trend.