Symmetric continuation triangle on the weekly. May still have a little further to go, but close. There's also a big H&S that IIRC projected to 31. I'm just eyeballing these targets. http://www.investopedia.com/articles/technical/03/091003.asp
US STOCKS PLUMMET AS BAILOUT VOTE FAILS U.S. stocks plunge, with the Dow Jones Industrial Average sliding roughly 715 points as the proposed $700 billion bailout is voted down in the U.S. House of Representatives. Dow sees the biggest drop since the 722 point drop on Sept. 17, 2001. US HOUSE DEFEATS MARKET-RESCUE LEGISLATION U.S. House defeats a $700 billion rescue plan for Wall Street, a vote that defied warnings of the potential dire consequences to the financial markets. The 205-228 vote against the plan sends stocks plummeting, but lawmakers on both sides of the aisle suggested the legislation is not dead. See reader comments.
bloomberg reports the senate may vote on thursday ahead of the house re-vote. this is a historic moment.
Last time when something like this happened, the lawmakers needed the sense of "emergencies" on them. Today, before they voted, 300 points down - so, most of them probably think, "ok, the mkt is doing ok". No urgencies at all. Then after they voted and that the market tanked 700+ points, and better yet, 10% drop in nasdaq, "more than limit down". They now have a sense of urgencies. And they will probably claim that they saved the day too!
If this is EW wave 3 of 3 then projects to a min around 1050. Eyeballing again. EW'ers can correct if I'm wrong.