This is, I think, a Minuette-degree correction at the very least; if so we have probably already seen Submin a and b of it (or at least most of Submin b). It's one of those "maybe we've topped, maybe we haven't" days. We fell out of a channel only to fall into another, broader one, though any substantial down from here would breach that too.
I think Minor 2 can happen a lot faster than people realize, particularly if July 7 is the orthodox high rather than May 2. From the July 7 high (made in the afternoon) to the October 4 low (made in the morning) is just about 61 trading days and a Fibonacci 89 calendar days (62/90 if you go ahead and include the whole day). If a sharp wave 2 retracement (and one can hardly characterize anything that soars 150 SPX points in seven trading days as anything but "sharp") were to last a 23.6% time retracement, that would be ~21 calendar days or until ~October 25. If it lasted 38.2% (need a longer B wave or a shallower C wave), that would be ~November 7.
And nobody would seriously expect a NOVEMBER crash, would they? "But what about the Christmas rally? Seasonality? It couldn't really crash then, right?"
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