Bounced just short of the 0.5 Fib, right in the middle of Subwave 2 bounce territory, it remains to be seen whether this subwave 2 is complete yet but it is having a very difficult day. I said yesterday to let the market digest the information from Mon and Tues, coupled with Credit Suisse looking to default, this has really spooked the market.
Certainly no buy here and nothing here is bullish as I have explained for the last few weeks. Below 375 and the bear case is in full control.