Last update concluded:
The charts are suggesting that the bears aren't done yet, and RUT in particular looks like it wants new lows. While a bounce wouldn't be unreasonable, I would expect the next bounce to be sold. The bear case will remain preferred unless the recent highs are reclaimed, or until such time as the downward wave structure appears complete.
Friday's session later saw a relentless decline, and RUT ended the session by making a new low:
SPX reached its if/then target zone of 2082 +/-, but the decline doesn't look finished:
Finally, a lot of folks have been asking for an update to the intermediate picture -- but there really isn't much to add since I first went out on a limb with this, way back in March:
In conclusion, there's nothing in the structure yet to suggest bears are done, and new lows appear reasonably likely across the board. Trade safe.
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