I've been watching this pattern develop since May 19--it's a series of 1s and 2s--Elliott Wave pattern--that is very bearish
. The juncture that we are at--if my count is right--calls for a rally--possibly 300 points, which would be a flat zigzag
. Dow and other averages have been down for 6 days, which is very oversold. A rally under ordinary circumstances should happen NOW. However, momentum is very weak and sentiment is very robust, so a drop right here would not be a big surprise--that's the caveat. I don't think the bulls are ready to give it up, so I expect some kind of rally as you can see by my chart. GL to all.