*** Update 7:47 EST 1293.75 has been hit, but it's part of a lesser pattern. Be careful shorting here ***

 Two competing patterns, and neither is compelling, though the bearish one is still in charge.

 * You could try shorting 1285.75 with a very tight stop if it looks like it will stall there. *

E-Mini S&P Update

 Short-sellers may have to weather another storm before this is all over. We'll know soon enough if a great bearish leg (A-B) went to waste.

E-Mini S&P

 If the markets were looking for an excuse to sell off ..... they found one.

 Short-able with a tight stop in $219 area. If it slices thru $220 with ease, next target is in the $230's.