Here is a chart of the Wilshire index. There has been a clear 5 waves down to complete either the larger degree 1st wave down or an A wave down of a corrective. We are now working on what appears to be either a wave 2 or the B wave of the corrective. The wave 2 or B wave will be composed of three smaller degree waves labeled a-b-c which should retrace 50-61.8% (could retrace 100% and still be a valid a-b-c pattern as long as it doesn't make a new high) of the drop from the high. Upon completion of the a-b-c pattern of the wave 2 or B wave there should be a drop below today's low which will be either a wave 3 or C wave.

There is no way to determine yet if this is a corrective off the high or a new larger degree downward trend.