I think the end of the week will tell a lot about the long term direction of the markets. So far my reading, suggests that the correction is not done any time soon. There will be a bounce, that could start as soon as Wednesday, to attract buyers so that sharks can short at a better price. The Bounce could go as high as 1800 in the SP depending on how strong the first days will be. If the market on Friday closes below 1533, that would be ugly, the bounce will not likely go above 1670 before turning to visit new lows and reach 2000-1800 within a year or a year and half.