Short term update

UPDATE 26.10.2012 - the trend line and the resistance zone(previous support) have been tested and the next move lower has begun. The futures are looking very bad currently SP500 -10 points at 1402. I think the next support zone(1390-1398) will be tested. After that a bottoming process should start. If you look at the bigger picture, the daily chart bellow, there is a support at this levels and the trend line connecting the October 2011 bottom and the June 2012 bottom. Monday play out perfectly - down to the gray trend line and the middle of the support range and then a strong bounce. I was expecting a pause Tuesday-Wednesday followed by the action which we are seeing today.... well I was right only for Monday and wrong for the short term:) but the big picture has not changed. Current thoughts...