This is my best guess of how to interpret what has happened so far in the SPX and what might happen next, based on my idea that the correction needs to run for a while longer. Until the economy looks really much worse, though, it's hard to see a much steeper decline. I ripped this chart off of Macro Man's blog and then modified it.
PS
I did OK trading today up $300 or so. It all came in the final rally.
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