Point Of No Return? (credit systems will always fail)

We are quickly approaching my beary beary Big Bear line of 1140.  At that location I think we start ripping through some serious stops, margin calls unzip, and banks start having difficulties loaning again because of asset/collateral depreciation.  A breach of 1140 would make me believe that the 2+ year rally is now over.  I would become more Bearish here, if one could believe that.  :P

I honestly can't pin down what occurs Monday.  The currencies will lead the show.  I honestly don't know if the S&P downgrade will strengthen the USD or weaken it.  If it weakens it, we could actually have a significant market rally from this location.

Below are my charts from:
3-25-11
3-31-11
4-10-11
4-18-11
These are excellent to review to see how they turned out.  I am still undecided if the technical top was early May or in July.  It will affect my count in the future.  If we breach 1140, I will start counting internal wave structure again to see if I can locate where it will bounce.  I would not be suprised to see it bounce exactly on 1140.  Once  a bounce occurs, I will be able to dial in exactly how big this move will be.  First guess is 2008 was A down, the last 2.5 years were B up, and now we are beginning C down.

Overall, a couple of my ideas/counts came pretty close.