UPDATE: There appears to be a nice 5 wave impulse structure down. These moves are big it’s like “50,60 handles here, 90 – 100 handles there…”. Maybe we get a small bounce.
Increasing internals have surpassed yesterday at least on the NYSE. The move up to yesterday’s peak is now clearly a 3 wave move which confirms it as corrective. The DOW transports have broken through long term support to confirm with the Industrials a bear market DOW theory.
