The set-up here is for a Wave 3 down and it's appearing both on the short-term (hourly price bars) and intermediate term (daily price bars) time frames. It's rare for both time frames to trigger at the same time, and at the same level (DJIA 34,000). If 34,000 is breached tomorrow (or any day thereafter) the reward dwarfs the risk on new index put positions. Note volatility (VXX) is picking up. It's all coming together for a new leg down across all market indices. DJIA Intermediate Term VXX
