The stock market has nothing to do about fundamentals anymore as it's all about how traders can get in or out the fastest. It's all about panic in, or panic out. This Mini SP500 cash chart looks nothing like the March contract pattern does as the March contract shows far more radical overlapping wave structures. This may mean this entire move could get retraced and then another low would get established. We will be lucky to see that happen next week before year's end. What I can say is that the May, 22, 2015 peak will hold as the record high of
2134. It is very doubtful that the markets can rally fast enough to create a new record high this year.
We could be heading into a 5th diagonal wave which do contain very choppy waves so it will depend on the next move down being another correction.