As I noted in my previous update, to bottom in an impulsive declining structure off the December 2018 top we need to get one more lower low in wave v of (c) of (v). That final micro wave v down should be structured as a-b-c. The first leg down in micro wave a bottomed yesterday at $34.04.

Now we are obviously watching a spike in volatility that should be counted as a corrective wave b up. As long as that spike stays under the critical resistance of $40.90 we should get the very final move down in micro wave c of v that would complete the whole five wave down structure and may set up a bullish pullback in volatility and a larger corrective move down in the market. The ideal target for the bottom is under $30.00