|from the Thirty Years War|
Pay attention to the tape -- we're at a very important juncture here. Not only did we turn down hard on an intraday rejection of the top of the megaphone since July, but the everything since the top has been very deliberate -- and free of gaps. Did you notice today that the drop to 1982 was a perfect fib 1.62 times the first leg off the top?
We're setting up for much larger moves in 2015. First, looking for us to wrap up the wave count with a 1954-ish low into FOMC this week, and a bounce into Christmas.
The larger count to return us to the 1080 SPX area over Spring, with 3PDH labeling:
|SPX 12-15 3PDH|
And a quick look at UVXY, which was instrumental in identifying the significance of our rejecting the old megaphone upper trendline.