Bearish Flag to new low

Earlier in the week I posted about a rally coming that would turn out to be most likely a sucker's rally to test the Trend Average. And yesterday the market got pretty close to the TA and had the "optimistic" crowd cheering for a new leg to new highs after re-capturing the 50 day ma but the market action today changed the picture. The market closed under the 50 day and the market put in a bearish flag, the difference this time however is that there are 3 legs down as opposed to an ABC Bull Flag I posted couple of days ago, so it is highly likely the 1358 low will be taken out early next week.



I am assuming this leg down will be about the same as the C leg so 64 points. And if we subtract 64 from 1388 we get 1324 and my 1297 target for the correction would be well within reach. So let's see if I can keep my lucky guessing streak going..lol today I didn't make any trades, I am just holding my VIX positions and not planning to sell them until the trend average changes.

Have a great weekend!