The market invalidated the count I had yesterday and put in 5 waves down to 1543 in a somewhat odd looking structure. But the count is clean so I am now assuming this is an A leg or a bearish W1 and now we have to see what the bullish response will be starting tomorrow. If we get a stronger wave to the 1570 level again, the market could be repeating the Inverse Head and Shoulders pattern we've seen a few times this year already. However, if the market bounces to the Trend Average and fails to capture it, then it might be setting the market for another bearish wave to break the 1538-1539 W4 low. As it is now, the fact that there is a significant higher high and a higher low points to a correction and until support is lost, the assumption is the market is just consolidating.
I will be buying back VXX on the bounce so I am hoping a good entry point at the 1570+ level.
Main S&P 500 Trends
Short Term Trend = Neutral Leaning Bearish
Medium Term Trend = Bullish
Long Term Trend = Bullish
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