Looks like we hit the bottom of wave 3 on Monday night. This hit a key ratio of 423.6% of wave 1. This makes wave 3 an extended wave which will help us to predict wave 5 once wave 4 unfolds. Since wave 2 was a zig zag (sharp correction), expect a flat correction for wave 4 (see Elliott Wave Principle chapter 2). This means that we will most likely see prices to drop as wave B unfolds followed by a rally into wave 2.
Elliot wave is overly complicated and because of this curve fitting is the norm when looking at charts. Robert Prechter is always rolled out when we have some big down days.