no change in expectations

Today's late sell off seems to have lots of folks talking about another 3-5% of risk being in the market. First of all, I don't think that is likely, in the short term. I think we're a seeing a classic set up where the retail trader sells into the close only to wake up tomorrow and see the futures up 5-10 pts. The chart below shows what I expect to transpire over the next few trading days. The support level shown should hold the market up over night. I expect some stabilization tomorrow and the market to move back over 1685 by Thursday.

/ES 4 Hour Chart