Exactly JR.
The SOB holds and bounces at the lows or maybe on a large days sell off, it spikes down slightly below the lows say by a hundred points, the VIX spikes up and then it bounces back causing some sort of a bear market bounce.
Or it doesnt. If it doesnt hold... this thing is hoing to come unglued. Your waterfall will happen.
But Im thinking we need some sort of an intermidiaate bounce here, get a bit higher, before the CRAP really hits the fan... few weeks from now, to really blow out those lows.
Manana