Update

Who could have seen this coming.... wait EW and cycles... no they do not work.
There were warning signs for weeks everywhere you look - wedging pattern, mature cycles, technical analysis divergences, market breadth divergences and probably every other tool used to analyze the market.
Only the arrogant sheeple did not see it coming and now hold the bag as usual - one day wiped out one month.

Intermediate term - such big candles are the start or the end of a move - in this case the start. What is starting? - decline into 40w low until the second half of November... at least.
Long term - The first two charts show the two possible scenarios... I think it will be the more bullish one, somehow pattern and cycles feel better.

Preffered scenario.... 4y cycle low at the right time and place the b-wave and you can count almost perfect 3x18m cycle highs for 4y high and the pattern counts better.

Bearish one possible.... only wave 2 does not feel deep enough there is nothing else to say, 4y cycle low at the same place, 4y cycle high 45 month long perfect average. The hint, which scenario is more likely, is maybe to look other indices for example RUT feels unfinished and needs one more down up for the same pattern like above.

Short term - Wedging pattern for weeks, the count has been completed and sharp reversal - what a surprise.

Intermediate term - Minimum target is support and MA200 retracing the wedge. This is not even 38% retracement.... if the bullish scenario from above plays out expect 62% retracement to around 5600.