Wild Ride for Stocks!!
Stocks have recovered from the dip which reached our profit target from the butterfly cypher pattern. We dipped quite a bit, down to the 0.618 level (one level past our profit target) to 4144. Almost immediately, investors swooped in to buy back the S&P at lower prices and we closed back just shy of 4245, currently finding support at 4214. The Kovach OBV is oscillatory, matching the fluctuations in price. It could go either way at this point. Another selling wave could take us to support at 4188 or 4144 again. An influx of momentum could push prices back to highs past 4245 to 4272. After such drastic volatility it is reasonable for the markets to seek value.
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