After updating the charts I did a little research into the past. Reviewing what I would consider the last normal bull market. The one which occurred in the 1980’s following the 1982 cycle wave low. I recalled several instances when the DOW plunged more than 3% in one day after completing an important uptrend. The three instances occurred on 7July86 (-3.25%), 11Sept86 an interesting date (-4.6%), and 13Oct89 (-6.9%). In all three instances the actual low of the selloff occurred the very next day, after the large percentage drop. Then the results varied. The weaker of three 7July, bounced for a few days and turned lower. The 11Sept decline, which was stronger, bounced for a few weeks and then retested the low. The bigest decline 13Oct, made the low the following day, and that was it. Since today’s decline compares with the 7July86 weaker one, we might anticipate the same results. Also of note, all three of these selloffs occurred after the conclusion of a third wave, two of which were Intermediate degree. Which is what the market just completed, in its ending of Intermediate wave three. The charts are posted below. It’s still a bull market, we just need to get through this correction before heading higher again.
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