Short term, the SPX has lost 1990 support and closed under it. Weak price action. We'll see what happens tomorrow. There are still short term wave options but both time and number of options are running out.
The major item Prechter showed was that numerous Fibonacci relationships exists from the beginning of Supercyle wave [III] - founding of the United States in 1788 when US Constitution was ratified.(Fibonacci 233 years) - until the year 2021 (+- 1 year). This predicts that cycle wave c low of Supercyle wave (a) may bottom then. There also exists a potential for a major low in early 2016 based on shorter cycles. This may be the low of Primary wave  of cycle c which in itself, would be a dramatic drop considering how high the market has come since the dog days of 2011 - 2012.
A chart below suggests how this might play out. Cycle wave c of (a) is supposed to be a  primary wave move down to finish out an expanded (a) flat. It "looks" right.
Forgot the updated GDOW chart: