can not get much attention sometimes, but it is an all time indicator of broader market action, and a leader. We have a triple wammy set up. HS top, major trend line
support, and also right at the 200 day MA, and indicators on an hourly don;t look so dramatic, but back out to the daily, and woooo nellie, lots of room to run yet (downward) if that is what happens, and finally, we could be right at the B (red circle) of a major ABC
correction pattern (not shown). If that isn't enough... well there is always NK
. If a bear was looking for a chart to support a major correction, this is it, because these last few days are not a correction, just a nice dip. Dips , we've seen before, a correction, like rain in a drought, you don 't believe it until you see it or hear it on your roof. My guess is we fail here, and go lower, despite the algos and govt
and major corp buy back stock efforts, but that is just a guess. The real economic numbers are whispering RECESSION, even though no one wants to say it or call it that. No inflation
, no real paying jobs, no spending increases, amazon doing well, but other getting crushed. A major consumer/jobs/economic change is happening here, major. How will we handle it?