H&S Alert

Bears have been amply rewarded by the large H&S pattern that completed in early August.  The new ones now shaping up will make that one look puny by comparison.

Pure speculation, but if the H&S and Butterfly patterns play out on the daily chart [The Big Picture] we would complete a larger H&S pattern.  The initial target would be 820, but along the way we'd create a new neckline indicating 743.  Seen here on the weekly chart...

Also, note how clearly the wave count is laid out on the weekly RSI.