I have been posting a lot about tops this last week or so. The percentage of the drop today is not massive, but it was enough to break below the regression channel. This was not a test from what I can tell. This is the clear sign a correction is in progress. This looks like it would be a Wave A and we could see a bounce tomorrow for wave B. No matter what, this looks like it will change the slope of the rally to be flatter or could be the sign of large correction.
Comment:
Quick rebound back to the bottom of the channel. Lets see where it goes from here.
Comment:
Good rally today got us back up and into the channel, but then dropped in the afternoon to close below.
channels
wedge patterns
fib levels
channel + fib
wedge + fib
all (if you can read it)