1. An correction (apparently a running flat) then rose up to 1995.4, making a of the drop to 1833 from 2137. I label that as a 2nd wave.
2. Then from 1995.4 to 1901.6, there was a downward impulsive wave which appears to be an initial minor wave of a 3rd wave.
3. That was followed by an correction (a ) up to 1960.2 which retraced quite exactly 61.8% of the preceding drop .
4. Provided 1995.4 is not exceeded, I am now expecting a 3rd of a 3rd wave to reach down, at minimum, to 1808, which would represent a typical of the impulse wave described in point #2 above. The subsequent downside target might be in the high 1700 range (1772-1791?) to end the 5th wave of this small impulse from 1995.4.
I believe these are only the beginning waves of a much deeper decline and will assess the count based on further developments, as always.
You noted that the height of this seemed like a complex terminal pattern. I believe the bull market finished in an ending diagonal, which is exactly that. It does seem uncertain to me whether the bull ended and bear began at the actual high in May or later on in June. The downward wave structure is not very clean coming from the May high, and it counts much more cleanly as an impulse down from the June 22nd high, but at the time I could count a 5-wave impulse from the May 19th high (see chart) considering the 4th wave of it as a triangle which did overlap but did not end above the 1st wave of it. If interpreted as such, I could count the cleaner impulse down from June 22nd as a second, nested 1st wave. If not, the ending diagonal might have had a failed 5th wave (i.e. the June peak), which could explain the actual high in the market not having been the orthodox beginning of the correction. In any case, the point difference between the two highs is pretty narrow.