I mean I am a gun-shy bear too. I have had my .... avocados ... in a vice trying to guess some bearish setups in this bull run. So even I thought that the opening salvo would not be quite so dramatic (hence my leading diagonal post earlier today L(S)D Option).
So even a bear like binv (and I am one of the more bearish bears you will find) was surprised by the strength of the move down today. Things looked to be consolidating this morning into the end of a bullish falling wedge: momentum was slowing, bearish breadth was declining, sitting right on top of a support zone at 1105-1100.
But then we exploded down. And all I can say is ... Wow. But despite being shocked, there is a smile on my face.
Perhaps the market might start to make sense again? ... Nahhh, now I am just talking gibberish.
Here are my counts and charts for the SPX from 1-minute to weekly:
