It looks like we're in the middle of a short term bounce that is sub-minuette wave iv. Wave ii was a shallow retracement. Given Elliott's alternation guideline, I'm expecting this to be a sharp retracement. A 61.8% retracement would take us back near the $3674 level for the completion of sub-minuette wave iv. From there, given this count, we can expect another sharp move to the downside to complete sub-minuette wave v as well as minuette wave (iii).
A rally above $3720 would invalidate this count.
If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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I am not a financial advisor. Be sure to do your own research.