It will take a convincing break of 1170-1175 to suggest we have finished with wave 4, and a plunge through the lower bound of Monday's up-sloping channel to confirm it.
We've had all of that, and more in the first half hour of trading today, with the SP500 hitting a low of 1134 and now quivering around 1140. The DJI is down 4.2%, the SP500 down 4.7%, and the NDX100 down 4.9%. Exciting action - and not in a good way. More later in the day.