Jaywiz told you & showed the internal tech data that indicated the mkt was overbot,but
to what extent??
we showed you the vix making a new multi year low last week at the 13.30 level, and has popped up to 17.88, indicating all week that it was headed up- thus the MARKET DOWN
BUT WHEN ? It has been SOOO boring since Aug13th, that even those still on the floor must have been wishing they were on vacation also.
Is today's DOWN open to 1401, a signal of lower prices coming now, and if so then HOW LOW is low??
Typically, if this is an a-b-c correction off the 1427 high, then lets look at the math.
1427-1398= wave -a- = 29 pts lost
1416 = wave -b-
wave -c- should then settle at 1416-29 to 1387
thats a 2% drop from 1416 - NOT MUCH in the overall scheme of things, but enuf to make a decent trade out of it.
ALSO, typically, the c wave should be rather sharp and decisive getting to the target rather quickly, which IMV, could be at open 2mrw and or close or both.
Heres a graph that shows the technical crack of support and other technical measurements
STAY TUNED FOR FURTHER UPDATES
and get a step ahead of the market
Jay
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