We have two alternative micro counts at this point.
Scenario 1. Wave a off the bottom has topped and we are inside ugly wave b down. In that case to complete that wave b down a drop to 3,475 - 3,300 would build a base to a rally in wave c of I off the bottom. This is my main scenario at this point. I am a buyer in the green box
Scenario 2. wave a my not have completed and needs another move up to a higher high and only then wave b down will start. This is not a highly probable scenario