So here is the deal, we have some conflicting information from the counts on the different indices. I have my preferred count and leading alternate (discussion last night with bob_johnston describes both pros and cons to both counts: http://marketthoughtsandanalysis.blogspot.com/2010/01/weetabix.html#comment-31471031)
I have the preferred and alternate on the SPX, and the RUT count to support the preferred and the NDX/COMPQ count to support the alternate.
So we *could* be at the bottom of this wave, or we might have another Minute 5 down. I am lightening up some more on shorts this morning based on further deterioration of the risk/reward profile at this price and stage in the count. But I will leave a little on the table to capture the move down if it comes. Again, this is just how I see the trade, this is *NOT* advice to anybody else