Oct 15, 2014
As I wrote yesterday the bullish action was missing - no impulse no close above resistance/MA50. Today looks like a panic sell off. The bottom of a panic sell off is not THE bottom. It is followed buy some short term relief because there is no sellers left than another move lower follows. The ewavers will call it wave 3 and waves 4 and 5 should follow:) The move so far was not looking much like an impulse but this should be wave 3 I do not have another explanation. Now watching 1815 for possible bottom. P.S. we are still waiting the current wave to finish it could be wave 3 which bottoms at 1815.