Interesting position with Fib levels. Biblical action.
Introducing the three types of profit and an attempt to improve graphics.
The bottom might be in.
Major Indexes are bullish but elevated. Taking some profits and waiting for the Fed.
Retaking the 2800 neckline area invalidates the H&S pattern and makes turns the outlook quite bullish.
XLI reversed at the expected Fib level. Expecting the advance to halt below 76.
Further instability likely. ES 2650 area definitely in play. RTY close to 39 month moving average. Elevated fear in market.
Current action is revolving around how much of the monthly February and January candles will be chewed up in this decline.
Monthly $SPX suggests 2510 as the normal worst case scenario. A move down to mid 2700s more likely to happen before a serious attempt to make new highs.
Prices are holding above last week's low and long term moving averages. The recent weakness isn't as serious as that of Spring and Fall of 2018.