Update - Potential 15% Correction within Days for the S&P

So my timing was significantly too aggressive on the 15% correction / inverted H&S continuation idea from two weeks ago, but the idea is still the same... except now we finally have confirmation of a break of the uptrend on the weekly chart in the Ehler's Center of Gravity indicator, one of my favorites for determining if a trend is increasing, reversing, or continuing. I think we get a jump up Monday/Tuesday (bullish divergence on the 2hr/4hr) and then a drop to complete a H&S reversal pattern on the daily and the fall continues through BREXIT until we reverse into a new bull trend once we reach the lower 1800s.
Check out my original idea for more details. The inverted H&S continuation pattern is still a possibility to come true.
Edit - Most likely we'll only hit 2097ish, which is the uptrend channel from the bull run since february. I'm thinking that we won't be able to break into that... so TP1 - 2097, TP2 - 2015.

Comentário:

TP3 is 2137. If it goes above that, I believe this idea is invalidated and the market will continue going up.

Comentário:

Actually, 2126 was my TP3, TP4 is 2137. I see that it just hit 2127, which is essentially my TP3. Hopefully there is a decent pullback before it hits 2137 and it creates bearish divergences on the 2hr and 4hr waves. There is already bearish divergence on the Daily, Weekly, and Monthly.

Comentário:

Wow, BREXIT drama... but I believe we are going back up... there is too much bull divergence on the daily/weekly. Also, the VXX chart is saying that it wants to make new low or at least fill the gap at $13.30, so we're goin to bounce. I think we'll do a double bottom first or possibly hit the lower 1990s and then bounce up. My target is 2094, but it is possible that we get into the 2120s, though I doubt it. 1830ish is still the target before going back up.