On these 240 minute charts the price action of yesterday and today is seen in a longer term perspective, suggesting that the next break of the Wave 2 channels will lead all three indices to new lows. SPX 240 QQQ 240 The breaking down phase is given a reprieve, but not for long and the aftermath becomes more dire every time there is a false breakdown. The clock is ticking, if not today, than Monday. IWM 240 Tough Fibonacci resistance hanging over all three. Best bet: Short (add puts) the next big gap-down open, especially if its on the Monday of Fed week, or Wednesday after mid-term election.
