Below is a chart from earlier this week, discussing how much the pattern in 2011, looked almost like the pattern in 2007-08. (see post here)
Yesterdays decline did not break the 2008 support line, see below.
CLICK ON CHART TO ENLARGE
I am excellent with Elliott wave patterns…… looking backward/in the rear view mirror!!! 😉
Should support line (1) break, the decline should be large and I suspect that wave experts will say this is the kick-off to a “wave 3” move, which would be a rather large decline….support has to go first!