Nothing has changed since yesterdays post. I'm not expecting another big drop until after we get a one day wonder squeeze, and that should still happen next week sometime. Currently we are in a bottoming formation for the first leg down, which could be called the A wave. The move up next will be the B wave, and I'm sure it will subdivide into an ABC, which the A could have 5 waves, the B 3 waves, and the C 5 waves, or a 535 rally up for the B, which should top mid next week. Then we should get the C wave down to the 5300 or lower level to end this correction for now.
Have a great weekend.
I think I’m going to change my view for next week since we have an up day today and we’re close to the weekly lower Bollinger Band and the 13 day average is not too far away. The $vix is already down quite a bit. I think the trend could stay down into next week. We haven’t gotten that oversold yet.
This looks to be a wave 4 bounce of some sort. Next week does have some bearish markers and the 21st date has some key appeal.
$the vix has dropped to its trend point indicator which can initiate another rally.
The indicator has nearly caught up to the SP 500. When it travels that far that means that there is generally one final move in the continued direction.
A two day drop to start the week followed by a Fed induced final rally into the end of the week?. We have a fresh new astro initiator starting tomorrow.