I apologize for the brevity of the updates lately, I've had a great deal going on in my personal life, and haven't had much in the way of free time lately. Hopefully things should return to "normal" (whatever that is) in the reasonably near future. I've updated several charts, but will have to keep the body of the article short.
First up is the Nasduck Composite (DUCK), which is probably the clearest example I could find of a market that suggests new lows on the way.
Next is the NYSE Composite (NYA), which has a similar bearish rising wedge:
The Philadelphia Bank Index (BKX) chart notes a bearish sell trigger:
In the last update I noted that we should begin looking for a correction, since three markets had reached target zones. It appears likely that a deeper correction is on the way, and I've noted the first two downside targets on the S&P 500 (SPX). This is of course predicated on bears reclaiming 1680.
In conclusion, the correction suggested in the last update appears to be unfolding now. Note that wave (4) could run quite deep without creating any technical issues, and give the shallow nature of wave (2), a deeper wave (4) correction would not be out of the ordinary. Also continue to keep in mind the alternate possibility that ALL OF wave v completed at 1698. Trade safe.
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