SPX500: Is the Stock Market Going to Melt Down?

FX:SPX500   S&P 500 index of US listed shares
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Or could the decline be a pullback which is almost over?

It is not a total stretch to chart the decline for the last weeks as a falling channel . If such is the case bulls may have a hope since falling channels eventually run their course and moves up ensue.

One feature of falling channels that is very common is a false move up and out which fails miserably resulting in price plummeting back into the channel. We see that here. These false move often happen mid-way (but not necessarily) through the channel decline giving some ability to roughly time the end.

Further giving possible support we can see a very broad rising channel and price is now sitting near longer term support.

But of course everything could go sideways and this could turn into the big correction a lot have been waiting for.

If anyone has a crystal ball could they warm it up and ask it what's up next for the market? :-) Thanks.
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