Not only has risk shifted for the US equity markets, but European equity markets like the DAX and the EUROSTOXX50 have also begun stairstep down patterns. This implies rallies will be to lower highs drops will be to lower lows within an overall larger downtrend. From the appearance of things the situation should remain intact until March 2016. With the largest declines for the DAX coming in December. This analyst also expects a shockingly difficult December for the US stock markets is the Santa Claus effect is likely to be muted at the very least. The DAX market structure projections can be seen in this chart have been highly prescient, with general timing, direction and weakness suggested into the end of the month which could become severe for the index. The possibility includes a lower low below August lows being a not insignificant probability. This event would imply a breach of August lows for other European markets, and quite possibly US markets.
As mentioned regarding the US markets, if treasuries begin a rally and exceed the August highs, then it would not be surprising to the US indexes below or at the August lows.