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Some Elliot Wave Theory about what may transpire over the next few months:

http://globaleconomicanalysis.blogspot.com/2008/10/s-500-crash-count.html

Excerpt: we are now in the unrelenting 3 of 3 down where every attempt to play for a bounce has been like "catching knives".

Where to from here? Wave 4 of 3 up has not started yet I do not expect wave 4 of 3 up to be a strong up although it could be reasonably long (2-3 months) in duration

If the pattern plays out like it is setting up, wave 5 of 3 down will reverse all of the gains of 4 of 3 up and then some.