In an ominous potential for the Christmas Season, a potential downward acceleration pattern is setting up. The same pattern preceded the August decline and also a positive running correction triggered in October. When even the whiff of a running correction appears, it is something to pay attention to because the next move is not likely to dilly dally if the pattern confirms. This post is not to put the odds on such a breakdown, however, it is something to be noted. The market has a short time before it reaches MSP timing for a bounce, so the appearance of this potential pattern could be quite important. If we break back over the magenta resistance line then the pattern is likely invalidated. However, this is an important pattern whenever is raises even the possibility of its potential because they are very effective at confusing technical analysts and Elliot wave analysts into the most optimistic patterns in the opposite direction which serves to trap the most people and therefore, provides potential acceleration as people get stuck in those wildly optimistic assumptions, in this case, upward assumptions. Also, keep in mind that often running corrections are often a sign of emerging structural issues in the market that are beyond normal stresses - such as liquidity or liquidation stresses, interbank or systemic stresses.
Note, there is no requirement for the upper resistance to be duly tested - focus needs to be on the support line/break IF one were to occur which is not preordained.