It looks like we have a W-X-Y inverted, irregular flat [B] Wave in motion since August 18. I believe we are in Wave X and 'c' [z] of that wave should take out A (8/18) on the downside.
The current expectations is that we do not make a higher high above the July high. So instead of X Y then Z, it would likely count A B C {A}.
Transports are making new lows right now and that is not a good sign for the market right now!