The expected period for a low based on the 10 and 20 month cycles is December 15 to January 15, but more likely around January 6. There is a lot of time left for this correction to unfold. What we will be looking for is a deep low in the NYMO, which is the correction momentum low, followed by a higher low near the expected cycle low period in conjunction with a completed 3 wave or 5 wave pattern. A 3 wave pattern would be associated with a 2nd or 4th wave. A 5 wave pattern would complete a flat correction from the April high. The latter will unfold with greater force and throw the bulls completely on their heels, but will provide the best buying opportunity since the March 2009 low.
Another distribution day today should push IBD to call the "Market In Correction" from the current stance of "Uptrend Under Pressure".