Correction Higher Is Likely Over

The aftermath of the "flash crash" and the European debt crisis is long forgotten, as markets are challenging strong resistance levels (highlighted by the red line in the hourly chart of the SP500 futures in the chart below).

The entire advance from the "flash crash" low appears to be taking shape of a zig-zag, with several hallmarks that define such structures: a) very sharp movements; b) wave "a" and "c" equality; c) diminishing volume relative to the impulsive move that preceeded it; d) retracement of the "extension".
It is therefore my belief that global equity markets are about to take the turn for the worse imminently (within the next 2-3 trading sessions).