Correction Targets Still Ahead

It looks like we are setting up for a near term bounce to the underside of the HS Top neckline. In the SP500 the upside is around 895 to 900 if it makes it to the 50dema. This should be a b wave with wave c of Y to follow to complete the correction next week. A sharp break of today's low ahead of that time frame would indicate a deeper correction is unfolding. NYSE lows remain very few, so there is little indication at the moment that the bear market is ready to return in earnest.

This HS Top must be one of the most watched in recent history. I wouldn't be surprised if my barber mentions at my next hair cut. Usually when a pattern is that telegraphed it does not play out to its full potential, but we will have to wait and see.

The NYSE and SP500 also added another distribution day, but I doubt that IBD will call the market in correction until we see more downside.