CPC is still tame considering P and even pre-2007 top seen it go very high. Of course prices were much more bloated so it seemed a no-brainer then. Now its a bit more of a slog. Sooner or later though, if the market keeps falling, it'll be forced into submission.
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CMF looks weakish and accum seems flattish. Plus bear candle on volume.
Well the general count on things still seems to be working so we'll keep going with it.
The overall thing I keep in the forefront of my mind is that the market is likely trying to make it to a target area for Minute [i] of Minor 3. And using the general guideline that the first subwave one of a wave three wishes to try to advance prices, my suspicion is that therefore the target area is under 1010 SPX.
So we may have to adjust counts along the way as it has been a bumpy ride no doubt. But we should expect a bumpy ride. http://2.bp.blogspot.com/_TwUS3GyHKsQ/THWirvu01HI/AAAAAAAAHRs/bEQDiwrLN9k/s1600/spx60.png Sooner or later the market is likely to have another big downdraft day to help reach its target area, perhaps a wave (v).
Sentiment is starting to get fairly bearish in certain measures such as this week's release of the AAII survey but according to wave theory that bearishness will not result in a hard bounce until we have a firm 5 wave structure down (and very likely market oversold conditions) in place forming Minute [i]. Then Minute [ii]'s job is to correct it all.
As long as the market prices stay inside this down channel, things are generally pointing downward.
And my blue box virgin wave space has held its ground and has not yet closed.
If we get some other pattern, then we'll have to adjust on the fly.