The start of wave-C?

Wall Street fell after more concerns on the housing slump in the US. Dow fell 143pts while S&P500 lost 17pts. Both the indices turned when they hit their 61.8% Fibonacci retracements. If my wave count is right, which is wave-c is equal to 0.618x of wave-a, then this corrective wave-B is now over. Wave-C would likely have just started.

S&P500 hit a high of 1,496 (1,499 is 0.618x of the difference of 1,370 and 1,479) and then turned. 1,485 is the 61.8% Fibonacci retracement. A break below the 1,450-1,455 level would confirm that wave-C is on the way.

How bout the KLCI? KLCI also hit 1,296.44, its 61.8% Fibonacci retracement, yesterday. Like I mentioned before, the KLCI's upside would likely capped at 1,332 or its 0.618x its wave-a. 1,333 is also its 76.4% Fibonacci retracement. KLCI needs to break below 1,277 to confirm its downtrend has begun.

STI surpassed its 61.8% Fibonacci at 2,411. Its 76.4% is at 3,517. Still, the upside would likely be capped around the 3,545 level (also its 0.618x of wave-a).

Could this be the start of a new downtrend (Wave-C)? We will have to wait and see. :)