NYSE internals: 95% down volume ratio and 95% decliners versus advancers. NASDAQ averaged 89% and 84% respectively. Some ugly internals all-around.
Trendline and horizontal support broken solidly on heavy volume.
The up channel was solidly breached. Wave [iii] down looks like a good count at the moment. Previous wave 4 (1536 SPX) is a wave [iii] target for starters. One can see the support and pivot at the spot.
Squiggle count. Big gap down. Breakaway gap that doesn't fill? We'll see what quad witching brings tomorrow. Could get an oversold bounce but as EWI has been pointing out lately, NYSE TRIN closed below 1 today (.93) which could indicate that buying power was expended in trying to stop the decline. Yet the DJIA was down 350+ anyway. Overall thats not a great sign of a near or medium term bottom.
Intraday it may bounce in a wave (ii) of [iii] due to extreme rate of change in volatility but again, things are getting interesting.
via Sentiment Trader:
Hardly a washout in bearish sentiment although today's numbers were not factored.