S&P 500 - September 7, 2010 - Intraday 2

This is what I see on a 5-min frame


there has been a drop to 1093-1094 and then a sideways chop.

It does not look like an impulsive rush down to me, but the sideways chop looks ike a wave B or part of a wave B.

So, the correction may have more to go, but, at this time, it does not look like the beginning of a collapse to me.

Looks can be deceiving, waves can change and morph, and, more importantly, I may be wrong, so, I let my levels do the job for me.

I really wouldn't like the bulls to spend a lot of time below 1085-1090.