A bounce looks likely here, and a significant one at that.
Capitulative breadth (Rob Hannah) hit 20 yesterday, which is extreme. See other extreme readings here:
In the past, they typically occurred after major falls, but October last year and now have been more shallow. The Dow fell yesterday to just 3% off its July peak or 5% off its May peak. Capitulative breadth is made up of a count of large cap stocks in the index showing capitulative selling. Quite why this has occurred after only shallow nominal price falls is unclear.
Also, bullish percent (SPX) reached a level suggestive of a low.
Plus, CPC on Friday hit an extreme also only seen at previous lows, and the recent little cluster of such readings further points to a significant bounce.
Draw it all together and it looks like the Dow (and other indices) is going to get a decent bounce here at long term rising support.
Therefore, it appears likely we will see a rally back upwards in broad stocks imminently whilst gold miners go on to form a lower low on positive divergence. The bigger picture of a major top in equities and a major bottom in gold remains unchanged.