Bottom may have been Tuesday's 1% pullback, but we have worked slightly lower in some indexes. So we may work slightly lower as the nested bottoms finalize their move. Notice that the lower bound of the Keltner channel been touched (as it was in Nov 2016, late June 2016 and mid February 2016. (every 4 1/2 months).
November 8, 2016 plus 4 1/2 months is due now even allowing for some non-trading holidays. So we will see next week - does the market turn up as shorter cycles turn up or does the bottom take 2-3 more days to gain enough upside pressure to move off the bottom?
GL traders
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