S&P500 downswing still expected

FX:SPX500   S&P 500 Index
115 0 2
On Friday morning it looked like the markets were taking the downswing I predicted in my "Cry Wolf" post on Thursday, as indicated by trend-line E. However, a strong bounce-back then occurred. Move trend line E a bit eastward, however, and you probably get the position of the real downswing!
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