Today's market action broke through multiple trendlines and patterns. This could be the start of something a little bigger than we've had over the last couple of years.
As seen in the chart above, there were multiple ways to draw support lines. Today's price action broke through all of them and closed on the lows for the day. At the same time we are getting into oversold territory so next week should provide a relief rally of some kind until the oversold conditions have been remedied. But, if the high of today's bar is taken out, that would negate the bear case. For now, any retest of those support lines should be considered a nice entry to establish a short position. The minimum target area would be 1950 basis September 2015 CME e-Mini contracts.