It needs to keep pushing a few more red bars for the combination of the TD Sell Setup and the TD Sell Countdown on the four hour S&P 500 (SPX) chart to claim success. Looking forward to getting more data to see how all this unfolds.
To extrapolate the primary outlook, there are two different forces at work. The first is what the DeMark indicators are saying. With completed TD Sequentials across daily and weekly charts and soon to be monthly charts, the DeMark red flags are getting redder and signaling the markets are free to fall anytime. From the Elliott wave picture, it’s a bit subtle. The rally from SPX 1485 looks more like three waves higher with a possible four wave starting now. If so, another high to challenge the SPX 1565- 1568 target should occur to complete the five wave package. This potential five wave structure will stay valid unless SPX 1525 is breached. If breached or even getting close to the 1525 marker, we can also explore different possibilities including a five wave truncation.
Facebook (FB) is in the Keltner/Bollinger channel where it measures the coiling effect before volatility is unleashed. Technically, there is also an unperfected DeMark TD Sell Setup. If FB can record a bar that is higher than 28.68, that would indicate an exhaustion point. However given the Keltner/Bollinger factor, an upward breakout would indicate FB will go into TD Sell Countdown rather than record a high equal/greater than 28.68 and head lower. (updated mid trading day)