SP500 Wave III-1 down started on 8/9 at 1130, wave (3) will be
done tomorrow or early Monday, then (4) up to 1055-60 mid of
next week. The end of wave (5) will be below 950 before
September ends which will conclude wave III-1. Enjoy the ride.
Today the market opened high and closed at the low. S&P and DOW
formed a bearish outside day. Nasdaq and Russell back tested the S&H
neckline. The big picture is that market remains bearish, traders sell every
rally. Tomorrow we will have the Q2 GDP second estimate. Market expects
1.4%, but many people think the number is less than 1% all the way down
from 2.4% when it was first reported.
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