The short term structure has been impossible to count (there is no clear count in our opinion). For perspective, we are showing the daily. Our best long term count treats .8215 as a possible end to a large B wave within an A-B-C correction from the 2005 high of.7463.
As such, a sharp C wave may be underway. A break below the support line drawn off of the August 2007 and January lows would inspire confidence in the bearish bias.