As we expected, the market is now turning in a big way.
When markets peak and begin to break down, they never simply collapse. Instead they first break through support and then stage a bounce. The reason for this is due to investor psychology: the bulls don’t initially throw in the towel, but instead “buy the dip.”
It is when the bounce fails to break to new highs that you have confirmation that the top is in.
So the pattern is:
1) A breakdown below support
2) A bounce back to retest former support
3) The REAL collapse.
The markets are now on stage #2. And #3 is just around the corner.
We expect stocks to fall HARD within the next week or so. This bounce will be the final gasp to maintain the rally. The next downside target is 2,300 at the red circle.
And if things really getting messy we could go to 2,125 relatively quickly.
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