A diagonal can be counted as complete from 8800 and a break of 9050 would inspire confidence in the downside. The diagonal from 8800 may complete wave C of an A-B-C correction from just below 8600. If this count is correct, then the entire advance (from 8600) will be retraced over the next several weeks. Look for resistance at 9265. It is worth noting that 21 day ATR is at its lowest point since July 2008. As a barometer of risk aversion, the complacency that is indicated by the low ATR level warns of a top and reversal.