Update to my March 23rd bearish call on S&P 500

On March 23rd, I posted the following idea:

The market needed one more high after that post, but all indicators were pointing to weakening strength of the move to new highs in September. The fuse was set. I tried to warn you.

On a short term basis, the move down is very steep, and also carries a distinctive impulsive look and can be counted in five waves as of todays drop. This is a textbook elliottwave kickoff to a change in trend.

Nasdaq is in even more precarious shape. The index has been in a steep parabolic trend, and the selloff today dropped price below the parabola. Chances are very good that we are in for more than a run of the mill variety correction having already corrected over 11%.

Markets don't typically move in straight lines, and a bounce could come at any time to provide some relief, but the fuse has been set.

Most likely targets are shown and a possible (most common) Elliott wave pattern for a multi-year correction are shown. Corrections can play out in a variety of ways/patterns so will update with new information as the market plots the path.