The September 18 break down out of consolidation seemed like the start, but what ensued over the next week was a very orderly move lacking any momentum.
I had to wait for enough price action to start getting a feel for a wave pattern, which was not initially very impulsive ( 5-wave ) in nature.
That brings us to the chart, which I believe is showing a series of 1s and 2s, or in other words the building blocks of an extended wave on this timeframe which will ultimate constitute a large wave down on larger timeframes.
I started to frame out future price action using common rule-of-thumb Fibonacci price levels for the coming waves. Going much further would be a waste of time, since the picture may change drastically based on actual price behavior.
The good news is if I'm right about the count, there should be a decent bounce tomorrow, which will allow adequate time to position for the coming selling, which will be much more significant than what we saw today.