Start of short term downtrend
Today confirmed the start of the downtrend I've been preparing for (and hopefully also preparing you for!). Do notice that today's scores (below) pulled back a bit, but are not anywhere near done. The first indication that the wave will be ready to bounce will be a yellowish / greenish return for the 4 hr score. Until then, we just wait.
Even if the wave does bounce a bit in a few days, this RumWave impulse probably won't be anywhere near done moving to the downside. The upward move lasted from July 26th until August 21st (18 business days). The downward moves are usually similar in time. What I can't predict is the magnitude of the move.. just that the market will not (in all likelihood) be higher approximately 18 days from now than it is today.
There have been some new viewers of the blog lately. Not surprisingly, days like today tend to spike my page view count. Welcome to all my return readers and new ones from around the globe! I hope you find the site useful in your trading strategy!
GOOD LUCK TOMORROW!