Mother Market is a fickle mistress, and seems to be setting up an interesting bull trap with a bear fakeout. The market appears to be finding a bottom, or will after a final jink and jive today. We have had a pretty clear five-wave drop off the recent high at Sp1131, as can be seen on this chart from EWTrends. This should be followed by a 50-62% retrace back up to test the 200 DMA at the gray levels indicated (Sp1103-1110), setting up a nested 1-2 formation which normally acts like a coiled spring with a mad dash down. On the way to that moment, the bulls will feel emboldened, as if the Hope Rally is still on, and the bears may take short positions prematurely, as the corrective wave should have a fakeout down leg before finishing up. plus take longer than the eager bears will expect.