Friday updates

10:05, The lower gray channel line is acting as support right now, and is the last point for trendline support, if this gives, watch-out below, next trendline support is down around the 1165 area. The indicators are showing over-sold conditions, so maybe this will hold.

9:33, A HUGE move in the VIX today, currently up 22.28% and testing resistance again on the bearish Fib fan. These large sudden upward moves in the past few months have been followed by a reversal leading to lower lows.

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8:55, I removed the 1-2-3-4 count I had going for the final 5th wave (Green), because wave 4 entered the 1st wave this morning. As of right now, I do not have a squiggle count that does not break any rules, one option is a five wave impulse from the low where I have the green 4 labeled, unfortunately, that count would make the 3rd wave the shortest. So for now my best guess is if this sell-off advances, and intensifies we have had a truncated (top?)count put in. I was expecting some volatility with OPEX today, but would of never guessed that GS was going to be brought up on civil charges sending this rippling effect thought the markets.

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8:22, The indexes are breaking down on the Goldman news, 1188.82 will be making a lower low, changing the short-term trend to DOWN.
Currently GS, down 12.34%, and breadth is 4.04:1, decliners, this sell-off might have legs at this level.

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7:20, The SPX dropped down and bounced right on the gray channel line. 1200, which is the top red dashed line needs to hold for the bulls to keep the count alive.

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7:15, The SPX sold-off at the open, leaving a couple of gaps and is now coming down to Fib fan support.