This move is starting to waterfall down as the 200DMA has been lost. This is looking extremely likely now that we are in the middle of an Intermediate Degree correction. As I have said previously, I expect the next intermediate degree pullback to be similar to the Apr-July 2010 pullback and not the May-Oct 2011 pullback.
I have updated my PPO chart with an overlay of the Apr-July 2010 pullback depth applied to the recent peak. I have also layed out how I think this may manifest, but more importantly the signals that I will be looking for on both the fast and slow Daily PPO indicators: