The big picture has not changed.
Short term - there is more upside. I expect one or two green weeks. Best guess - SP500 will hit 38,5 retracement(~1200) pullback to support and another push higher to 50% retracement(~1240). Then the sell off should resume and test the lows.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsxTkmHVd8_Wi8VAeCQejLJTkzzj6hpM-VYyH6o2IwLjtu9CJRwuc_BPYHdF_At-DFaDnmBuhawJuLSElQYM8iJSHpjdevghrfjoTTFCacShlxJoDM4qJ_eriWvotMaztFDeWksZIlpN7w/s800/w50-1.png)
The plan stays the same-initial bounce,retest of the lows,strong rally and another bear leg down.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjnNoAHW1tBfJ-IE2lrHNlyUbHXQYFgvZny_0bdZoZEkO0PXuJqDwAvqhDPo_XopUkQ_iB_abWkRaZYgQAuxa95CbfRJCiUC3hbdNQ6GKBUJ3ePBfy4-ZLhORgjZNqwmotbGl2IoV6boKVn/s800/w50-2.png)
When NYSE McClellan Oscillator hit such extremes bellow -100, there is always one more push lower on the indexes. So after this initial rebound I am expecting a lower low.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkd9AGDThd7_N2Dpjdhm2l8VHnQD4V7QVucQv8wc4FrI0m74wDUScFQx3wdlpMIwCHhwffqy4KLli6qtPulj5aoBqFR_cQEL2nooKDfc6EYgJqAKP_Z3PYnlLK5I15zQweqpSbwXmWF2iG/s800/w50-3.png)
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