Today the market sold off again and formed a Major Distribution Day. Will the market kiss back the last Friday in the next several trading days? Nobody knows. In my opinion, this might be a violent zigzag correction wave. Afterward the uptrend might resume and reach 107x steadily, which marks the end of minor wave iv.
SPX daily:
XLF (no chart) will likely follow the trend of the broad market to dive down a bit and rally again, but the new high may not go beyond 18.1 before another wave starts to unfold.
60-min chart shows two possibilities:
(a) 
(b)
Let chart shows the same pattern as the daily chart. Another possibility is that the market breaks out the last low and reaches the last bear market low to form the wave v of wave 3, afterward a corrective wave 4 will be started and last for a few months.
XLF 60-min:
This chart is drawn according to the SPX daily chart.
SKF is rising again and may last for a few days.
TED spread doesn't look so good.
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