Today's action unfolded as expected. The SP500 is now headed below 1100 to complete the decline from May. The Qs are headed to around 51+/-. Most are counting the action in the SP500 as an impulse wave down from May 2nd. It may be, but at the moment the pattern in the Qs does not confirm that view, and the pattern in the Wilshire and Dow requires a truncated 5th wave for minor wave 3 down in August, so in my opinion there is serious doubt about the validity of the impulse interpretation.
Regardless, we are nearing the end of the decline on an intermediate term basis, and shorts need to keep this in mind. A huge reversal could come out of nowhere. The most likely time frame for a low based on a number of cycles and past history of October reversals is probably around October 11, but it could be anytime between now and mid-October.
I am short the Qs from 55.71 with a view of exiting early on an approach toward 51.