It may take some time for downside acceleration to occur. A break of the November 1 lows should create some selling pressure. While that is below the April highs for most indexes, the Qs will still have support at the April high and then the 50ema. Nevertheless, I strongly suspect that the long awaited correction is now underway with a probable low sometime in mid-December to mid-January. We can evaluate the pattern once we have reached the time zone for the low.
My cycle work is showing the next 10 month cycle low is due January 6. I had charted a probable cycle pattern for this year in the spring, but I had forgotten about it after the flash crash excitement. I wish I hadn't because that chart nailed the late August low and called for a mid-October high. It is now calling for a low in early January. Sometimes it is difficult to keep up with so many charts.
Regardless of the final wave count at the coming low, it should represent an excellent buying opportunity. It should actually be better than the August low, in my opinion, as we will either be entering a powerful 3rd wave in wave (C) up or beginning wave (C) up.
I may not be able to post again until the weekend. We have been fortunate enough to sell (in fact they were presales) the last two townhomes in our development, and I working to finish them by Friday. We obtained the Certificates Of Occupancy today, but there is still alot of cleanup and punch list work to do. I can't tell you how relieved I am. After all of the craziness that has occured in the last 3 years, I am grateful that we were able to find a way to finish the project.