Based on this weeks movement so far, the market appears to have started a new bear market third wave. However, last weeks trading, today and likely into early Wednesday are part of a triangle type pattern that will terminate upon the completion of its 5-wave structure at the point labeled "e" (red) in the top chart. After this wave form has completed, I am anticipating strong negative downward movement in the market which will flesh out the 3-wave of the larger trends, as noted in both the second to bottom and bottom chart.
In terms of timing, the rest of the summer is going to look very bearish. As noted before we are entering a powerful downward cycle. The two bottom charts both demonstrate the market weakness as the price level has been meeting upward resistance in 3-wave pattern and exploring new territory with 5-wave structures on the down side.
-W
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