A lower low appeared today in the cash market to complete the count posted. However, it is technically a re-test of the lows from Sunday and it could be counted as a B wave or a bullish 2 since it made a higher low. I should get a futures market chart and label it but I am lazy today plus the outcome is the same, so we'll just go with the cash chart for now. The current bounce is testing the Trend Average and it has the potential to re-capture it. If the micro count is a 1-2 set up, the target is 2111. But if the sell off is going to continue, the 50 DMA at 2102 might be tested at most before another wave down. All eyes continue to be on Greece and I guess that could provide the catalyst for the end of the correction and a multi-week bullish run. Like I said yesterday, trends are bearish but the pressure is now on bears to break 2039 as time is running out.
China just opened now almost -8% and it might finally test its 200 DMA, maybe the drama will finally end there. This makes me wonder if anything like what happened in China could happen in the US in that there was no topping process at all, it was just a -33% wave immediately after a 7 year high. The equivalent would be the SP500 falling to 1400 after making a new ATH in just over 2 weeks on no news.
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Short Term Trend = Bearish
Medium Term Trend = Bearish
Long Term Trend = Bullish
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