And finally it comes

Our stance to bail out on the long side around 1140 seems smart in hindsight.
The question is now what?

We don't have any turn up in the advance decline lines or divergences in any of the indicators yet, meaning this decline is not done yet. We have a turn date around Jan 28th (+/-).

On an intermediate term, like many elliott wavers claim, if this is a "major top", then one thing to note compared to other major declines is that the price never got stretched far beyond the 20 and 50 day moving averages. In our work, we found that such declines are "laboured".

We are not willing to commit to a major top just yet. If we read this right, we believe there will be another attack back up towards 1170 sometime in the next 2-3 months.

In the shorter frame, most stocks are on some sort of a moving average, we expect a weak bounce followed by another decline into 1080-1060 area culminating on our turn date.