The orange fork was hit perfectly today completing a nice, clean triple top. Price closed under the yellow midfork, and I anticipate that the downtrend has now commenced.
The "2008 pattern" as well as symmetry indicate a steady grind down. The cycle analysis was positive mid this week, and it weakens dramatically from this time. This is very solid support that the top call from a few days ago holds true.
Traders have been trained now to trade the "November whipsaws". So the market throws it's curve ball. No whipsaws - steady trend down. There are no bounces of any significance on the way down.
The mistake many will make is to try and pick a bottom all the way down. Don't fall into this trap. Sit, relax, and wait for the bottom. Target 1044 SPX.
As shown NDX has already been leading down since Monday.