Just found all my disqus mail is being sent to my junk folder.

I guess I do not know how to count an impulse,

Is this the count you are suggesting.

http://screencast.com/t/l09uV4×953

http://stockcharts.com/h-sc/ui?s=$SPX&p=W&yr=1&mn=9&dy=0&id=p96808130855&a=179011929…

High volume candles are like magnets, their prices always get tested, sooner or later.

1. The high volume candle from Oktober 2008 established a price range (839.80 – 1097.50) that was broken to the downside in March. But four weeks after the March low price went back up into the range and is staying there since 28 weeks now.

This week we reached the upper price limit of this range at 1097.50 for a test respectively a break through. The first test on Monday failed, the second test today is up in the air. But even if price is rejected again, I think market makers will likely try a bit more until selling will stop the test or price finally breaks through.

2. Above the high volume candle from Oktober 2008 there is the second one from September 2008, the price range goes from 1133.50 to 1265.12. This price range was never before tested, we simply broke it on the downside two weeks after it was established. A retest will happen one day. Why not now, when the target is so close?

I see two alternatives here:
a) Price could overshoot a bit but is eventually rejected at 1097.50 and we go down again. The rally would be over.
b) Price breaks 1097.50 to the upside and seeks to break into the next price range at 1133.50 for a test of 1265.12.

Take it with a grain of salt, I'm not an volume/Wyckhoff expert and could be completely wrong. And sorry for my poor english.

My take on the Russell….this might not be the big turn down, but it sure could be. Russell has led in the past, likely suspect again.