SP' daily, bearish
IWM, daily, bearish
Transports, daily
VIX, daily, rainbow (Elder impulse)
Summary
I am holding to the original outlook. A large H/S formation, where sp'1422 marked the top of this post-October 2011 rally. I believe are now in wave'3 - the most destructive wave, and currently in minor 'bounce/recovery' wave2'. This wave should last no longer than 3-5 days.
Both the monthly and weekly cycles support the notion of a considerable drop in the market in the coming weeks and across the early summer. Many of the world indexes also support the notion of a near term 10/15% (reasonable case) drop in the US markets.
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*Note that if futures are showing -15 at any point, that would break the recent sp'1343 low. Futures -19 would break the hugely important 1340 level.
If we do somehow trade in the 1330s tomorrow morning, that will likely surprise many traders...myself included!
More later