BEARS BLOW IT................. HUGE!

The complex corrective structure on the RUT played out perfectly with a 1% gap down, but after that, the bulls showed up en masse and put a floor under the market and added a rocket to price action.  Ultimately the RUT exceeded the 1144 line in the sand for a nested decline set up and locking in a three wave decline.  I had ditched a more bullish interpretation of the SPX a couple of weeks ago when the decline got deeper than I had anticipated.  As a fault of my own, I didn't wait for the count to prove itself invalidated by overlapping a point that would violate the rules that govern Elliott Wave structures.  The NYA was the chart that had me favoring the original more bullish interpretation as a result of the would be wave (3) in the SPX failing to make new highs in the NYA.  Below is a pictoral of the discrepancy.