Here's the latest chart from Chris Kimble, a 30-year+ market technician and student of Sir John Templeton, along with the email that accompanied the charts:

The S&P 500 index has created a uniform falling trading range over the past decade or so, with a "throw-over" of the range from 2006-2008. Soon after the index broke below the top of the range, it plunged 40%, with the decline finding support at the bottom of the falling channel.

From a risk management perspective, it's now Boy Scout motto time. Be Prepared in the event that support, drawn from the March 2009 lows, be taken out.