We had a massive breakdown today, it's likely to get a time at mode short signal to confirm on Monday, if we don't retest the blue rectangle above. If not short, you make take positions at the open. Risk 0.5-1% on this entry. Target is just the support below, but it could retrace after hitting the box target, or after the time projection ends. Either way, I expect a considerable decline, after seeing a rapid shift of sentiment, right after Yellen's remarks, from massive amounts of bears, to bears who gave up, which gave us the right ingredients for a lasting top.
Disclaimer: I'm/we're long VIX calls, with spreads and out of the money call options, and short SPX via derivatives and equity
Good luck!
Ivan Labrie.
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Shorted more against the downtrend mode resistance.
The stop here is tight, but should hold. If more conservative you could use 3x daily ATR, or go over the highest high.
I expect downside after this Friday's jobs report.