We just did not get the sort of sharp reaction expected from a final top of this magnitude. We threatened to, briefly, but the sell-off was muted. A big GDP miss would be the sort of thing to get things moving to the downside, and we got it, just without any follow-thru.
In 2007, we hit 1576 on the SPX and retreated 30 handles intraday. That's the kind of signal we need to see here.
Elliotticians would then look for a terminal pattern up here, such as an ending-diagonal triangle. Expect to see new lows in all of the leveraged bear ETFs. It's a fair question whether UVXY (which I scalped this week) will even hold $5.
Short-term, I'm looking for weakness early next week as we retrace in (ii) of 5.