S&P Futures just broke to a new low on Draghi's speech, so it seems this market is headed below 1600 as current decline in wave three or wave c is incomplete. In any case we will be tracking an impulsive, five waves down so more weakness is expected while the market is trading beneath 1621. Coming bounce should be corrective wave four, before downtrend resumes.

S&P Futures Count#1: Wave-B Triangle, Now Wave C Down

S&P Futures Count #2: Wave Three In Progress Of A Larger Bearish Impulsive Decline