Market Timing-Whats Next -August 2nd - DOWNGRADE ??

Making a NICE IMPULSING CHANNEL LOWER

THEY BROKE UNDER 1274 to 1266 today, and at 1:30 pm breaking that low

Levels to look for
1307
1274
1235
1206
1161

A plunge at close today to the 1235 level would set the stage for a STRONG OPEN tomrrow
probably to 1258, the most recent low of JUNE 16th.
BUT
IMV, IT WONT END THERE

THAT BREAK of 1258 would ALSO SIGNAL that WAVE [E] is not forming a running triangle,
and might morph into an irregular correction or double zig zag.

Both of those indicate the LOW should end quite a bit lower than 1258

more later
Jay