If we take a quick glance at this chart you would say, "Oh Shit, this is crashing and I better get out".
You're too late already and as soon as you get out this market will turn and soar the opposite way. Then when you get back in, figuring you made a mistake, as soon as your buy orders have been hit, this market will turn and crash again.
I think this market has a bullish run left in it that will surprise most of the experts that are bearish right now. Several indicators like the VIX and HDGE are also showing top heavy patterns, with many open gaps below. Combined with the choppy decline which is impossible to force into an impulse. With all the sharp spikes to the downside (6) in the last two years, keeps me thinking bullish thoughts.
The last decline I am calling it a diagonal decline, and since it dipped into wave two, I would have to call it an ending diagonal. Yes, it could go lower, but I am more bullish than I am bearish and only time can confirm this. If you think that 5th waves in diagonals can behave like this then, think again as it is more normal than we think. Any two trend lines I draw will be as parallel as I can make them as "ABC" declines will cut through these lines with little problem.