I'm on the other side of this. I'm thinking we fill the gap at 65 (in RTH) and then continue this move lower. I figure we have a meaningful dip (call it 10% which puts us around the 200 day) before the Santa Clause rally. Edit and full disclaimer: I've been short and adding on since 5800.
I'm re-reading Reminiscences of a Stock Operator these days and it's fabulous. It's dense with wisdom that one can only appreciate after having traded for a while. I know I didn't understand half of it when I first read it. Highly recommended. I feel it really covers it all.
If you guys can get your hands on "Trading systems and methods" by Kaufman, The 'Day Trading' section alone is worth the price of the book. It's only a few pages but he talks about ... Crabel, Fisher, Raschke and more. The take is awesome.
Volatile session! Will we get the full V by the Close? I've no idea, but definitely possible. NQ came very close already.