Here is the e-mini wave chart at 10:30 am. I bought one unit at the first red arrow thinking that the down wave would be about as long as the previous one and thus would find support at the higher purple dotted line. My plan B was that the market would hold the midpoint of Tuesday's range and the high that preceded Tuesday's big up wave (red dashed line). In the event the market broke below that level and did so on increasing volume. I sold my position at the second red arrow.
The picture so far today is of a weak market. Volume on this morning's break was a little higher than at similar times over the past 10 days. The down wave not only was substantially longer than the preceding one but broke below yesterday's midpoint which generally is a sign of weakness also. The only positive thing I see in this chart is that the market so far has held support at the second, lower, purple dotted line which is the midpoint of yesterday's last down wave.
There is one thing that has raised my suspicions about the significance of this morning's break. It started when the existing home sales number came in below expectations. The market has been selling off on bad news very consistently lately, so much so that this "trade" seems to have attracted a big following. If this market can hold the lower of the two dotted lines I think the second half of the day will turn out to be quite bullish.