Two rough estimates for $SPX. Next 24-hours is key.

Explanation is in the chart. The question is: are we done with the first major correction off the highs? If we're done now, we should see serious selling heading to the broadening top trend line.

If we're not done, then we have completed the first leg, and begun the second leg of a larger 3-leg structure, after which we will then go visit that trend line.