It goes without saying the market is in very shaky ground and the bears are in full control right now.
We did not see the bounce at 1150 as I had anticipated early today. I'm still keeping an eye on the 200 week though so this will take some time to figure out.
Until then only two options remain, in terms of counts that I'm tracking, that would allow for a move higher.
However, those counts are losing credibility fast with the steep retrace we are seeing.
Should 1370 mark the high for Cycle X (see my long term count below), I will say that Cycle Y is in progress.
I'm still looking for some type of backtest of the 200 day SMA. But where will it be when that back test occurs?
Ultra Bullish Option
Corrective Option
Cycle X complete
If Cycle X is complete, Cycle Y can take on two different patterns, either a large zigzag down to 840 and more or triangulate and trade in large range over the next few years.
