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Good afternoon, traders.
The S&P 500 has begun to accelerate to the downside after losing this primary channel:
I will be discussing some details of this in tonight’s article, because I will probably need to make what might seem like a sudden shift.
I have been looking for ways to count the decline impulsively, and I know that in a good impulse wave down, there is virtually always a kickback, some lower high that squeezes the bears out before a significant drop can take place. We lack that here and that’s a warning.
Obviously, the bulls need to prove themselves. We need to see if a bottom will form. But if it does, just be on the lookout for this alternative. I will discuss both options in each article going forward for a little while until I get more confident about one over the other. But in either case, I would still want to see a rally soon.
Alright, I hope everyone has a lovely evening. And I’ll see you tomorrow for the inevitable “VIX crush Friday.”