This article in today's Washington Post might very well portend what is coming next in the market's road to a Wave C low. Warning - it isn't pretty.

ICELANDIC MELTDOWN
The Next World War? It Could Be Financial.

"The global financial outlook grows more dire by the day: The United States has been forced to shore up Wall Street, and European governments are bailing out numerous commercial banks. Even more alarmingly, the government of Iceland is presiding over a massive default by all the country's major banks. This troubling development points not only to an even more painful recession than anticipated, but also to the urgent need for international coordination to avoid something worse: all-out financial warfare."

Wave C Personality - Page 78 of Elliott Wave Principle

"Declining C Waves are usually devastating in their destruction. They are third waves and have most of the properties of third waves. It is during these declines that there is virtually no place to hide except cash. The illusions held throughout waves A and B tend to evaporate and fear takes over. C waves are persistent and broad. 1930-32 was a C wave. 1962 was a C wave. 1969-70 and 1973-74 can be classified as C waves."