Based on my longer term charts, it is not the end of the world but we should take note of a more substantial move lower for a wave [4]. The broad target for this move would be anywhere from 1800-1650.
Being that these are longer term charts, we'll just have to monitor the wave patterns as they progress. Note on the daily, there is a bullish alternate that would allow wave [3] to extend higher so new highs would mean that option is most likely playing out.
