8-9-18 Looking For Confirmation

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WTIC - Almost 1 month ago I pointed out that I was expecting a Bounce from here, but that it would stall and drop as drawn (possibly to the 200sma).

 

WTIC - Oil bounced & dropped as expected.  I now expect this drop to take out the lows of the DCL  ( The blue arrow) and form a failed daily cycle, eventually seeking out an ICL. I wouldn't be surprised now if Oil breaks below the 200sma in a shake out too.

 

THAT SAID,   For those that are interested...

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August 8th – Hmmmm? Wait A Minute!

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That was what we wanted to see in Miners, so we'll discuss that in detail shortly, right now let's start with  a market review...

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Tuesday August 7th

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SPX - The SPX actually made a new daily cycle high on Monday.  That is a peak on day 26 so far, and that leans toward being R.T. ,  but this also looks like it wants to continue higher.   Prior highs and the upper trend line is a bit higher than current price.  SPX looks like it wants to run to the circle.

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