Just to complete the parade of indices, here is the Nasdaq. We have a picture here of two vector equal downward legs in a row with an intervening a-b-c . One could be wrong but the conclusion of least resistance is that this is a running flat, 5-3-5, running because it is slightly upward sloping. This alone gives us cause to be very careful in wholeheartedly embracing the bear scenario at this point in time. This is particular so because the moves in the Nasdaq are pretty large and not just marginal increments. Each down leg constitutes roughly 12% so there is still a long way before a new high will be reached, if at all. The bounce from the second low looks to be corrective for now, arguing the opposite!
As usual time will tell.
An example of this structure can be found in RDS.B Royal Dutch to mention just one. This one is downward sloping. MS is another;
