S&P Extending losses

S&P and Dow breaking down from ending diagonals started off the biggest global equity market sell off of the year, and if its not affected you yet it will. Because its not over, the wave count is clearly one of extentions down to the hourly charts each leg is an impulse down and as shown on the daily chart below it will take many more legs before we can complete a full 5 wave decline and mark wave A/1 for a larger bounce back. So dont expect more then 1-2 day bounces from the US market right now. It remains a sell on every rise.