Not sure of the ramifications just yet, but if you were searching for a reason to get bearish, today was the day. First, the RUT led the way down after struggling over the past few days. The small caps should lead the way down, and so far, that seems to be playing out. Next, the SPX had an â€˜outside dayâ€™, where the daily red candle engulfed the prior green one. Lastly, the long, slow grinding move of wave 5 of this pattern, exacerbated by the wedge it was in, was finally broken to the downside along with the very bad day for precious metals. All that said, it does not necessarily mean a rush to the exits. Our top count currently calls for a wave 4 that pulls back to around 1300 or somewhat lower, but thereâ€™s also a lesser chance (in our opinion) that this is intermediate wave C from the 2009 lows. No one knows for sure and if they claim to, check your sanity at the door. Just saying thereâ€™s some solid evidence that this move could be over, regardless if itâ€™s of minor or intermediate degree.