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Quite a bit of serious damage.
a) Weekly failed to close above the blue 50% downtrend line which is drawn
from the W.2 pivot high to the vertical intersection of the W.3 low with the
50% retracement.
b) Weekly failed to hold above the 94-98 trendline
c) Weekly turned back right on the AGet blue channel (mostly hidden under
the blue 50% trendline) which is a strong continuation signal for the down
trend
d) Daily accelerated through the typical w.C objective at 1227
e) Daily zipped through the 1245 38% retracement level and left pivot low
(upper red line) without managing to retrace close to the green horizontal
resistance line (symmetry)
f) Daily zipped through the Aget red channel which indicates a high
probability of at least a 62% retracement (1193). This would violate the W.1
high (heavy red line) negating the impulsive EW counts.
g) Hourly broke 3 significant support levels today without much of a bounce.
The left pivot (lower red line) and left gap together with the 50%
retracement should offer some support here. What remains to be seen is if a
credible rally can be mounted back through the declining blue line which is
the 50% retracement line for the decline - I am doubtful this will happen.
This has more and more of the earmarks of having been a bear market rally!
Nominal new lows appear likely.
Breadth models are confirming this decline and VIX has barely started north.
Earl
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