is at 31 on the chart and usually you would see the markets turn when that happens, though not necessarily on the following day. Might need the to drop below 30 before that happens.
Most of the breadth indicators that I follow gave extreme oversold readings yesterday and so I am looking for the markets to bounce hard for the next couple of days. However, there are certainly problems in Asia and elsewhere that may prevent this from happening. $DAX currently off 1% and they were off yesterday, as well. Margin calls may already be going out but if they haven't then any more down side is sure to trigger them and selling will beget selling. Be careful.
We now have a confirmed A-B-C structure in place as we closed below the B point of 1770, and I'm using the swing highs and lows for this. We've already completed the 618 extension to 1748 and the 1:1 extension takes us to 1718. This structure remains valid unless and until 1798 is taken out.
Thanks for your comments, GL