While it is entirely possible that the markets could head down from here, more than likely we will see the upward correction in the downtrend continue for at least two more days. Personally, I will be looking to get short the Qs at the declining 50dema if that level is seen. The Qs may top before the Dow and SP-500. I expect the Dow and SP-500 to make an attempt at their declining 200demas.
Once this rally is over, the subsequent decline will tell the story. Does it pullback on declining volume? Then, maybe higher highs will be seen. Does it head straight for the September lows? Then, probably much lower lows will be seen. In any case, the trend is down and that is the most likely direction.