ajtj99's Market Pulse

[Justa Werkenstiff]

Market: On the COMP and NDX, you will see three black crows on daily. You will see an attempt at retrace of those crows the entire week. You will see that we could not make it past the last crow. Completion of the pattern calls for new lows. So on the COMP we closed below the bottom of the last crow of 1920. We closed at 1917. Is that it? No, imo the technicals I follow require lower lows for a turn. We are not there yet. At this level last Friday at COMP 1920, I saw a turn. That turn was satisfied by the rally this week. We never got to price sells on that turn. Instead sentiemnt got too bullish too fast and thus the rally failed as predicted. Right now those technicals are not there for another turn. They are higher than they were last Friday. Short term sentiment indicators are moving higher (fear increasing) but are lower than they were last Friday. So, the pattern, the technicals and the sentiment indicators all point towards lower prices before a turn. So, that means at least a test of the March lows is to come.