SPDR S&P 500 (SPY)

[loanwolf]

Comparing $SPX charts: '01', '08', and 2015
In being objective.....................
While looking at being very close to correction time, also of note was that the major drop did not occur on the '01' and '08' charts until after the 4 and 9 ema's crossed thru the 33 period MA. That was also horizontal support areas. To me that horizontal looks like 1900 on $SPX. There was also another subsequent resting/recovery periods in both 01 and 08 charts before heavier downside (2nd rest period seems we saw the first)

Just sharing some added observances

Thus far, December looks like a candidate for that beginning downside trigger candle.
So yes, this may just be "IT" but historically we're looking at a 1-2 year downturn with leveling and retraces along the way. Obviously not just straight down.
For now, I'd say 1900 $SPX is realistic first stop if we get a repeat pattern.
We will see what monday and the rest of this week bring and if long term we are on track or not.


$SPX 1998-2004 Monthly Chart:


$SPX 2004-2010 Monthly Chart:


$SPX 2010- 2015 Monthly Chart: