The picture for the S&P 500 is pretty much the same as for the DJI, so YES, this could be it too.
I have choosen a different time fram (240 minutes), but failuer too break free after the breakout to upside from the rectangle is again showing weakness. The up-trendline since early July has once again been broken, but will we get a followthough this time? If we do the next support to break will be 1,112.55 calling for a decline to the rectangle bottom at 1,084.06, if this support breaks too the next important level will be 1,058.24 as a break below this level will make this decline bigger than any decline since early July and for certain make sure that the uptrend is over.
Again the aggressive trade will sell the S&P 500 index on a rebound or a break below 1,112.55 with a 1,130.38 stop for a decline to at least 1,084.06.
The fractal count in S&P 500 is still valid which does call for a very big decline over the comming months
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