I Am Watching This Trend Line Closely

In this morning’s post, I used the language of taking out the overnight low “with any kind of violence,” and here’s what I mean by that.

I am skeptical that they will make it this easy to short the market after the big decline we just had without torturing the bears at least a little bit first.

So, it’s possible that we do take out the overnight low, but only by a hair, only for the bears to get stuffed for thinking it’s this easy (it might be this easy, but I don’t know that yet). I am looking for some kind of 5-wave decline from my pink “B” up there, and any will do, including this very smooshed count, as it doesn’t break any rules. It’s just that 3 can’t be the shortest, and if orange 5 is tiny, then we’re good.

ES

IF we do end up taking out the low with some real violence, only then will I begin to seriously consider the dark targets from this morning.


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