The indexes are tracing out a triangle pattern. Theoretically, it could go either way, but the final result would be the same - lower prices at some point. Either the markets move up in a c wave and then down to complete Minor wave 3 or they break down. The real key here is - do you believe that anyone wants to go home long after this week? The answer is probably no. The triangle projects a low to 7493 and 7101.24. My hunch is that 7197, the 2002 low, is in sight, but should lead to a bounce as markets typically reverse off of the first test of a major prior low.
The Qs are in the process of testing the December 2002 swing high at 28.79.