The weekly 18ma target is around 433, I think we get there by Friday. I expect another gap down and panic selling tomorrow. Once we reach the weekly 18ma a bounce is expected but I don't expect higher highs at this point. I think a C wave (like the IWM chart below) is now upon us.
Comment:
Comment:
the bounce may start here - earlier than I expected, it should be pretty weak except on Tech.
Comment:
QQQ now at support as well
Comment:
IWM at 18ma weekly, this general area should find support although they may panic sell into the close.
Comment:
looks like a bounce has started. i think it will be shallow but it could meander into late august
Comment:
IWM outperforming. Even if there is one more low I think the bounce comes next week. Similar head and shoulders pattern forming here.
