Yesterday was more along the lines of the decline I was expecting to see into early October. This should get the bears riled up and the bulls scared so that a more sustainable bottom can form.
In the short term, Linda Rashke’s Three Little Indian’s pattern (or Bill Wolf’s Wolf Wave pattern) look like they are playing out in the NDX. Whatever you want to call it, it’s pointing to a 1525 as a target on the NDX.
The one real concern now is that some long term techncial damage has been done. The next line of true support doesn’t come into play until 1170, although in the near term, there are lots of areas where the sell off could take a rest.
Even worse, the head and shoulders pattern I pointed out last week has now been activated.
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