Russel teetering on edge but still no confirmed breakdown.Additionally, the other indices have not yet made equal lows which would be required before the next bounce should be shorted in 1-2-3 reversal.
With the other indices not corroborating the story, this still should be looked at as a temporary correction within a bull market. In fact, I would expect the breakdown attempt to fail and at minimum first see a lower high before the russel breaks down.
edit:It looks like market is confirming the correction, but I will expect a bounce first before another leg down as we are too oversold here to present a bearish opportunity. So expect a rally that will be short lived and then a selloff into November, and then we may be able to find support and a great buying opportunity as everyone believes a more substantial correction and longer term bear market is here.
edit:It looks like market is confirming the correction, but I will expect a bounce first before another leg down as we are too oversold here to present a bearish opportunity. So expect a rally that will be short lived and then a selloff into November, and then we may be able to find support and a great buying opportunity as everyone believes a more substantial correction and longer term bear market is here.
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