Hourly: At the closing of October 1, the market displayed oversold conditions on the RSI, the second such condition in a week, and a divergence on the MACD histogram.
Interpretation: It appears that the decline since September 19 to have a 5 wave structure with a typical wave-3 topping / wave-4 structure from September 26 - 30.
Next: What is missing to call a completion of this descent is a divergence between the price ($SPY) and the MACD - perhaps we will see another dip below yesterday's drop.
This is still an "a" formation, which means that we likely have a bounce up yet to come
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