S&P - the knee jerk reaction discussed in the Long short report started. This has been seen at the tops of 2008 and 2010. An expanding triangle at the highs. The trend down is incomplete and US markets are still not oversold on the RSI. The S&P has targets of 1724 and 1682 for wave iii down. 1640-20 might be the eventual target of a 5 wave decline.