All I can say is I should not have bet my first born on that follow up rally. On the positive side: at least I won’t have to worry about putting money into that college fund anymore.
So, it’s apparent that the ‘unthinkable’ has happened and that the COMPQ and SPX did not confirm to disqualify the minor wave 3 scenario. Quite frankly, at this stage we are watching the market like hawks before we make a final decision on this. Berk is going to follow up soon with a chart and our thoughts. In the meantime I’m switching the short term indicator to down, as the probability of a follow up rally seems to have evaporated.