We still need to see how things close today but so far, today’s gap down in the SPY has put in a potential Island Top Reversal pattern, which helps keeps my primary scenario alive.  If these scenarios do continue to play out, my expectation remains that we will most likely see weeks (and months) of previous gains wiped out in mere days (weeks).  Maybe this plays out, maybe not but if so, I would expect things to happen very fast, catching a lot of traders off guard.  It would be prudent to remain selective with establishing new long positions at this time and have stops in place in order to protect embedded gains.  Updated daily SPY chart followed by a zoomed-in version of the same daily chart detailing how things might play out over the next few weeks.