This is the NEW YORK COMPOSITE INDEX. Please see my previous post just a couple of weeks ago about this drop and what to expect from here. Based on all the data I can muster to analyze, the correction is not over. It's possible that we rally and/or drift sideways into the election but this looks very concerning to me.. I keep hearing from too many people that the Fed has their back. They believe the Fed will hold their hand to victory into an eternal upward rally. I am not one to dismiss the melt-up scenario and hyper-inflationary end game, but this is what I see right now.. I see the potential for another drop. The bigger question- what happens after this drop? Do we have a 08-like melt-down or is that just another dip to buy in this bull run? We'll take it as it comes. Please be smart, patient, and immune to public sentiment. Think for yourself but study, study, study!
Comment:
es/renko ruh roh.. It's possible that we gap down come market open next week. I was watching this pivot very closely into the close and almost convinced myself it was a good dip to buy.. I don't think so.. I don't think it's done dropping (even if this is a short term 'dip' in the uptrend.. It's possible that all these newbie traders get a taste of a real drop
