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Wednesday, January 20, 2016
Market Timing Update (1/20/16)
[EOD] Stocks -
Wave -down or wave (A) of -down likely ended at today's low (Chart 1). Note that SPX breached but closed above the downward channel from its nominal high.
Today's plunge also likely better completes the decline from 2081.56 from the perspective of wave structures (Chart 2). This decline is likely wave [c] of a flat dated back to the November high.
Moreover, the recovery from today's low is likely an impulsive wave (Chart 3).
Gap hunting is likely next. Let's see if it is sustainable or only a fourth wave (Chart 2 red) or a larger [B] wave (Chart 1).