|For now price appears to be following the lower half of this fork. At some point it should transition to the upper half.|
My line in the sand is 1524 where I believe the top of wave 1 peaks. Any thing lower satisfies all the criteria for a downward continuation. The trend line from the 2009 low intersects the area near 1440. 1440 should temporarily provide a great deal of support.
The Volume Profile indicates that 1470 will also offer strong support and strong resistance near 1570. From now on I believe the Volume Profile will be one of our best tools for catching turning points in a rapidly falling market.