From last week’s update: “There is almost a certainty of range expansion outside the extremes of the December auction. I would be surprised if it doesn’t begin before the next blog update. The ideal trade strategy at this juncture is to look for the Initiative break away from the HVN, which at this time applies to any/all of the indices.”
By the end of this week we had experienced a roller coaster up and down and the indices closed Friday in or near important downside KRAs. The most recent HVNs above are now critical KRAs. These have to be exceeded to re-establish the bull trend. Odds are now slightly in favor of the indices having entered a bear trend.