Now we are looking at a forming with a possible break down sometime tomorrow, or wednesday at the latest. The breakdown will take us down to the previous low of 255-258.
At this moment it is becoming more and more dangerous to short this market, even though there is a possibility of a flash crash to the lower 200's. Either way, we are approaching bottom, meaning despair phase will kick in and shortly after this we might see some pretty amazing action towards the upside.
Good luck to all traders!