Intellegeddon progress at very critical point

I'm hearing people talk about the so called "Santa Claus Rally" these days.  Seems everyone expects to be able to buy the dip on the S+P 500 for pretty much a sure thing.  Well, maybe these folks will turn out to be right.  But some big names have such perfect breakdown pattern formations right now that it is difficult to think that the S+P will be strong.  Specifically, I don't think any stock index will be strong if Intel suddenly plummets within 1-2 weeks (and potentially as soon as just a few trading days).

Here is a little more detail which is warranted because (I believe) the red 2 wave materialized since my last post on Intel.  That helps me determine the size of red 1 and thus red 3 and 5.

Here is a close up of what I think is likely red 1 down and then red 2 up.  Note the clear a-b-c shape of red 2 so far.  What I have labeled as 2? could still turn into a triangle here and then do one more wave up to the 61.8 % fib but it has, so far, seen resistance at exactly the 50% fib.  I always find these fib retracement (and projection) levels amazing in their frequency of occurrence.

We'll probably know by Friday or perhaps by Monday where this really stands.