Dislikedagree with you... we're in ranging mode...currently when looking at hourly chart, it looks like a triangle and i think there'll be an upthrust towards 3742 area before going down again...i'm not sure whether 3711 is the upthrust that create double top so far but again the support trendline still hold currently. If my counting is correct, we're in d subwave in a triangle and in making of e wave that basically will end wave ii/3, most probably the 3742 area will be retested again..IMOIgnored
and triangle now coming to an end... with stocks sharply down, scenario looks bearish to me.