I am simply counting tops and bottoms on the 1st chart below - the numbers do not represent Elliot Waves.
Rather than using the same analytical methods as others, I have found that the most valuable methods are the ones others are not using or seeing. There is a saying: if it is obvious - it is obviously wrong. So true.
Note: I am not calling a "flashcrash" type of move specifically, but rather the pattern suggests an extreme selloff may happen in the short term.
I had suggested a more gradual selloff in a previous post as another possibility. I am not ruling that out just yet either. Both are very bearish. Let's see what signals the market provides next...
4 Hour Chart
The same topping pattern has happened before as shown below, and it is very similar to what I have derived from the inverse of the September 2010 rally as I have drawn in the above chart: