Hard to find a bull anywhere right now who is not concerned about today's price action. Of course the concern is not without merit.
But before we all go into a panic, take a look at the chart below. 1305 may be key tomorrow if there is more selling.
EOD Update
That was some intense selling today. The bears won this battle today by closing below the 20 and 50 day SMA and formed a very long bearish engulfing candle.
But with all that, the minor 4 count I have been tracking is still in tact with a few twists. The market still has not put in a lower low.
Minor 4
1. Today the market put in the wave b of [d]. Granted this is a very steep retrace.
2. Wave [c] may not have been complete
Minor 4 Triangle
Here's an isolated view of the triangle. A few things here, it's possible the market put in a:
1. wave [c]
2. wave [e]
If a larger zigzag is in play.
60 Min
If a larger zigzag is in play.
Daily Bollinger Bands
That's pretty bearish looking.
Bear Count
This bear count is not out. However, I still don't believe it counts well and may coincide more with a potential large expanded flat (orange count on the first chart above).
