Well, after Wednesday’s rally, it gave pause to the overall primary count that the market is on the verge of a third wave down. Yet we always want to see what the next day brings. Was there follow-through to the upside? Or complete reversal?
Well, we have our answer. Complete downside reversal.
The key level is SPX 7500. Certainly not 7525 SPX (pink horizontal line) The market has no business making prices above this line (if there is a hard bounce up) if our count is correct.
The next pivot point to be challenged would be Minor 4 low, the green horizontal line.
All indices are seemingly aligned to the downside count:
A twinge of panic finally. Breaking above the long-term down trendline.
