I repeat and will repeat again: there will be no third warning. This is the most exciting time in the history of the stock market since its inception. The crash in Treasuries (completely unexpected, as usual, despite the two warnings administered so far) will cause SPX to crash to 1800 all the while the 10Y yield will skyrocket to 4..5%.
When wave 3-of-3 in Treasuries begins, it's almost too late to do anything. The panic selling will be overwhelming, and there will be no place to hide (except the Dollar, and... the Yen).
Market is convinced that the Fed will increase QE to absorb new treasury issuance or completely blind to the the fact that US financing needs are orders or magnitude greater than what the market can provide (even at 4.5%).