Here is my intraday chart to illsustrate it better and to see what is going on today presently and I think is shedding some light on the situation at hand.

If the market contines today bouncing between that smaller channel. Consider this a basing pattern. I always mark them -xy-. Either case the market will bounce off of this pattern. In this case it would be higher.

That sure leaves us with an pattern that does not seem appropriate. I have a gut wrenching feeling the -B- wave from early 2000 low is not over yet. So we climb with -abc-'s again, if that is true.

Will keep using channels or trend lines to identify our patterns. Then sort them out later as far as labeling goes. For now I will continue with the labeling I have started with. That is, this will turn into an larger -B- wave from 1284 low. This flat correction will be an flat -b- correction of an abc- pattern. That is one thing with -b- waves, volatility does exist, always.

sillywaves
charleydan