Ugly day for the bulls yesterday. I thought that maybe we would get a nice bounce back up but it was small and we continued down lower with just a midday small rally. At this point I think the high is in and we are going down for several more days before we get a multi-day good bounce.
I think we bottom into Monday and then have a strong rally up into Tuesday the 20th, but that could extend into Tuesday/Wednesday of next week. That would be a bigger degree B wave I believe and then we get the final C wave down into the 26th to end the correction.
How low you ask? That's a tough one but the 4600 zone is what I'm leaning toward. Maybe we get more, or maybe less, but that's my thoughts on it. I don't think we get much of a rally on the upside until we first go lower. I know that many people are just looking for this to be short lived pullback that is about done, and that we get one more higher high, but I don't see that now.
We got close enough to the 5080-5090 target on Monday and now we should be in a correction mode for several weeks. I've covered all my thoughts in great detail on Mondays update, so not much else to add.
Have a blessed day.
