In a nutshell what I feel from what I have seen at todays support. Yes, I'm hedged, but added to both sides few moments ago and mostly long again with YM mini futures. from 14400 or so with long term buy&hold beta company type shares against the ETF 2x UVXY and TVIX.

Here is what I see is an oversold market still in an uptrend. We can either rally straight back up to 1570 to 1580, which is a sell signal, or rally for 2 days, retest, then rally to 1570 or more, which is a sell signal.

Or it keeps falling another couple days, which then means a rally back to 1535, where we are now as I write, before the big decline sets in. so if we drop to 1500, then start shorting at 1535.

Have watched this for so many years it seems like a repeating pattern.

Tops are hard to predict, but once they form a pattern like now, it is easy to know what to do after the next move, be it up or down.

We could have a blow off top to 1620, but is unlikely off this pattern, but nothing ever plays out exactly as planned.

Good luck.