Hi rob,
I think the spx will drop to 700, (another 20%), in the short term. The rectangle continuation pattern shows a 150 point drop is due once the MACD line crosses down through it's signal.
The rising ADX shows that the downtrend is strengthening, (also a signal to go short),
"Go short when -DI is above +DI and ADX rises while -DI and ADX are above +DI;"
Link
Regards
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