I've not written much lately, mainly because nothing had changed. Perhaps somethings about to.

The market has been running the upper trend line of the broadening top (BT) formation for several days now. It briefly pierced the 1014 level, which is the 38% retracement level of the bear market (using the March low as the bottom), and has been struggling since.

Then late today on a 5 minute chart the S&P formed a broadening top, approached 1014 again on the "e" wave up and then collapsed the last 20 minutes into the close.  That could be a "tell".

That 5 minute pattern could be a smaller fractal of the larger pattern, the broadening top we've been following. How it unfolds could give a clue as to how the larger pattern breaks down (assuming it does).

But right now, tonight, the fact that it formed and broke down right in this area (1014) could mean the larger pattern is readying it's own breakdown. We'll soon know.

Now for the shocker of the night. If this 5 minute pattern is a smaller fractal of a larger BT pattern, can this larger pattern be a fractal of an even larger BT pattern? It could.

Look at a monthly of the $SPX, $INDU or $NYA. Put lines on the tops and the bottoms and forget you're looking at a monthly chart. Get the picture.

Remember that a broadening top is an ending pattern. The end of WHAT is always the question. The 1966-74 bear market took this form. I don't see why this one couldn't.

SO, if this is the case...and this whole price action of the last 10 years is taking the form of a broadening top ending pattern.....that means this market could zoom back up farther and faster than anyone believes is possible. Of course the most devastating decline yet would follow that move.

So cheer up tonight! The market may "heal thy 401k" yet. Of course you're going to have to get out while the getting's good....but you aren't going to want to. I can tell you that tonight.