Aug 24, 2015
Is this the beginning of a bear market or sharp correction in bull market to purge greed? My opinion such moves do not last for too long. They are not sustainable because market players get scared way too fast and way too early for a bear market. Bear markets does not start with 15% for three days. Such moves appear in the middle of a bear market not in the beginning. This is the behavior of a furious correction in bull market, which punish the bulls getting too greedy - three years without 10% correction is too much greed don't you think? With the price action today 144 points drop (the maximum) and VIX 53, the probability that we are near to important low is even higher and I think we are close to 40 week and 18 month cycle low (this should be the low for the year when we see it:). Obviously counting crashes is not easy. Watching the next support level and the begging of the wedge.. some FIBO retracement. A few more days with this speed and 1800 as a target at the moment.