S+P 500 priced to open in bear market territory (Part 2)

Following immediately on from part 1, the S+P took out a technical support level on Friday, at 5,132.90 and of course closed well below it too. The next support level in that regard is in place lower down, at 4,819.50 and course a test of that will mean the index has already fallen into a bear market. Just beyond that is an even more crucial level, at 4,808.93 (top of mega wave 3). If that gets taken out at any stage from here on, there is a risk of whole, more than 10 year up-cycle being put seriously at risk, in respect of the ultra long-term trend. An update here previously noted the fall back from the 6,147.43 high would more usually unfold in a 3 or 5 wave downside sequence. That update was expecting the correction, from just above 5,500, back towards 5,800 not to last and boy was that on the money. Of course it is all well and good applying technical analysis to try and plot exit and entry levels, but in conditions such as we have before us right now, it is never an exact science either folks, but as you can see, not impossible to validate. There will be much more to add on all this over the coming days. Overnight the S+P 500 futures have been hammered again and at one point were pricing the opening as low as 4,800, Right now the index is priced to open in a bear market, currently at around 4,900