With the impulsive move down this morning, the only two counts left are this move is minute wave 4 of (1) or it’s intermediate wave (2). We should know soon enough as it will approach the lower channel trend lines at the open. Should these channels serve as support, then we could see a move to new highs in the following weeks. However, a breach of these trend lines would indicate a deeper pullback is underway in intermediate wave (2). Possible targets for (2) would be the 50% and 61.8% retracement levels off the August lows.