Stock Indices Complete Complex Three-step Countertrend Rotation

It appears the Indices have finally completed a three-step countertrend rotation by trading through and closing below leg 2 of that rotation. Volume and breadth supported the selloff today but the Indices are reaching a point of being oversold. Watch for possible internal divergences on any lower low tomorrow. It is very interesting how price developed since last Friday. That is why it is important to step back a few timeframes to see how price is developing from a longer-term perspective. Important resistance held.

Leave a Reply

Your email address will not be published. Required fields are marked *