Quick Chart
Quick Chart
11:19am EDT: Quick chart as we reached an important inflection point:
Inverse Head & Shoulder pattern confirmation – probabilities and details here.
Assuming the H&S resolves I see two likely scenarios:
Orange: We are in Minor 2 of {3} – or – Minor B of (X) of {2}. Reversal should be around 950 mark (A/C equality). The 956 high should not be breached.
Blue: We are in {iii} of A of (Z) of {2}. The 888 low should not be breached.
Probabilities between those two would be 50% Blue – 30% Orange – 20% something completely different playing out I don’t see yet.
12:33pm EDT: I thought this was important to share as well:
Unless we close the VIX above 26.35 today the equities sell signal has failed.
2:30pm EDT: It’s starting to look worrysome for the ole’ buck:
A breach of 79.37 would mean further downside ahead. Somewhere in the murky depths of the Federal Reserve you can hear the echo of Curly’s evil laughter.
