Currently believe we are in an ABC down ("C" wave) that is incomplete. Looking for this "C" wave to end @ 50% of the total move up (1216.00 area) If this holds we should see a move up to test the new high. If this does not hold we are more than likely still in a and will reach a new low. If we are correcting upwards we could see a strong 5 wave move up ("C" wave) to make new highs. Timewise this current correction would be quite short and could be 1 leg of a correction downwards followed by a move up and then down before the would resume.