: While it is still possible we can see a lower low, the pattern and technicals are suggestive of the type of bottoming that we experienced in 2011, according to Market Watch. Moreover, we have an a-b-c pattern into that bottoming region, with what can be argued as a completed 5 wave move down in the c-wave. I want to start this week with one chart that is making it very hard for me to bearish in the bigger picture, and that is the IWM chart. Of course, I can substantiate another trip down toward that lower trendline and the bottom of the box one more time, but, in the bigger picture, this is a textbook larger-degree bottoming pattern. Right now, we have the potential for a textbook wave 4 flat pattern forming, which is the pattern we have been carefully tracking for the last few weeks. In moving onto the SPX chart, as long as we remain below 1975SPX SPX, -1.25% I can substantiate one more lower low.
(news.financializer.com). As
reported in the news.
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