The only caveat that would suggest that a wave three decline is NOT commencing is if the S&P can manage to trade back over 1073.00. If this was to occur, the market could hold up and rally into the month end. A rally above 1086 would cause caution flags to come out and a trade above 1105 would likely negate the bearish market structure.
The Energy Dates will be posted tomorrow evening, but the preliminary dates are Sept 7-9th and September 20-23rd. The latter date could be a time period of INTENSE DANGER for the markets.
128.25-128.30 remains the near term target.
Check last evening's comments on the U.S. Dollar for further details. Aggressive traders and pyramid traders may have a chance to add to base positions if the recent high is taken out. Don't be greedy and trade in a disciplined manner. Over exposing oneself is a recipe for disaster.
There is a trend change due in the early part of September which will likely establish an intermediate cycle trend direction. Stay tuned.