Nothing today showed any conviction of a trend change, and looking at the 5min level we can see a clear 3 wave down from this morning to about 11am for the SPX. Many times Waves can be counted wrong especially when they are impulsive, just because the are fast and tight some waves could be there but unseen by the timeframe. The next best thing is to follow our indicators as always to show us the way.
Our daily stochastics have not crossed down but we have a divergence. Our trend is down but still on overbought on a mid-term basis and is also the main trend we use. Therefore with the divergence on both scales we are looking for more downside. This game is all about patience, and eventually it will show itself.
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