Selling hasn't even started

Even though the DJI has already put in new bear market lows, even though the SPX is sitting below key support levels including the January low, even though internals have been horrible the last few days, we haven't even begun to see the selling. Here are two charts that prove this out:



This is a 15min chart. The pink lines show a normal parallel channel. This is not an impulsive channel because so far the price action is contained within the channel. Corrective waves are generally contained within parallel channels. Once we break this channel to the downside you'll know we are really getting going.



This is a 60 min chart with Andrew's pitchfork drawn on. Wave 3 should be touching or breaking the bottom support line of the fork before it is over. Once we get there, you'll know that we are likely at the end of wave 3.

We're getting to the point that the selling should kick in. It could be that the market makers are just trying to get us past option expiration week (Friday). We'll see.