Sell Signal today!

Today's dramatic action triggered the sell signal in the RumWave.  A likely bounce tomorrow will give bulls a good opportunity to get out of your long positions.  Especially if you are in a leveraged ETF.  

SHORT CONSIDERATIONS:  I generally discourage them in a bull market.  Only EXTREMELY AGGRESSIVE traders with HIGH RISK tolerance should play with them here.

The scores above show the turn today.  What is interesting to me is that the RumWave is still quite high.  This indicates that there is a lot of room to fall.  However, the 1 hr and 30 minute charts are very oversold so we should bounce tomorrow.

4 Hr Chart

The above chart is discouraging from an Elliot Wave standpoint.  It indicates that the probable direction of the market is down, and we could expect to see a 5 wave move down.

Daily Chart