Talk about a great downside breakout, but the angle of this present decline has been very steep. Some counter rally is due, which could trigger all the “Buy” stops. Usually the spikes get retraced, if a small 5th wave move has just completed. A fast move back up to the 2720 price level at the 4th wave peak, could also happen. If this potential wave 2 rally happens, then we need wave 3-4-5 to play out.
That might get us to wave 1 in Minute degree. I will keep some of these updates rather short as when markets change directions, violence can ensue.
The US dollar would also see a rally, if stocks suddenly reversed on some “good”news. If any so called “good” news comes out and stocks hardly move, then any rally will be a fake and then die just as fast. Continuously getting lower highs, is just a bull market in reverse, at least for some of the 5 wave sequences.