Finally the markets are doing a bit more than just giving us some window dressing. What we just went through looks like a 4th wave and it is still declining as I post. The 5th wave contains diagonal waves, but they can switch into a deadly impulse as well.
The decline could go well past my wave count, but we should run into another potential wave 1-2 correction. That wave 2 (up) could take us right back to the center of this 4th wave before it turns and heads down for another leg south. It could keep doing this for months killing us softly until bullish investors are beaten down.
Also, when we least expect it a fit of madness can come over the participants and stocks would just soar. If there is much more to this decline than we have to hit a new wave 1-2 somewhere below us.
There is no certain way to calculate any support when most were not even expecting a decline. I look for the completion of a run of 5 waves, as after every 5 comes an alternate move.