IWM - Failing cup with handle - again?

The Russell 2000 is showing a similar pattern to July-October 2007. The failed cup w/handle of 2007 prefaced a serious downturn. Could this be the begining of the next leg lower?

If it fails now - a corresponding 2007 move would project the
IWM to approximately $58.

The S&P 500 20 day - 30 min chart is pretty telling of Tuesday's activity. A broken trendline and fibonacci line which should have been support is
now resistance.

Add the failing of the QQQQ's inverse
H&S pattern sums up to be:
VERY BEARISH....
Oh yeah I almost forgot the most complelling of all....The VIX broke its trendline. All you have to do is look at what happened the last time a VIX downtrend was broken in late May.

Could we reasonably expect to see a couple of more market down days this week? And then a retest of this VIX trendline or market up for a few days, perhaps early next week...


And then the BEAR market continues.