By my count we're heading into the completion of the first bear impulse wave from a weak fifth and final bull impulse wave terminated last October (if you count 1586 as a top - and I do). Within the first wave we've just entered the fifth of the first major wave that began at 1441. It is no where near confirming let alone throwing over the third wave made on January 22, 2008. An A-B-C correction leading into the first intermediate is due to bounce, and when it does I expect to see gains as not exceeding 1390, which would be on par for such a bleak economic outlook and lack of buying at 50% retracement from the top. It'll be a position downsizing short-covering bounce. Indeed as will all bounces to the upside the whole of the first quarter of this century. lol I called the bounce at 1205 two weeks ago and outside of others following blindly or as a result of forecasting nothing has changed. With the exception of time: Wednesday pre-market - 6:45 AM EST.