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Saturday, June 10, 2017

Saturday, 6/10/17 update

So when are the wheels going to fall off this market?  Maybe now.  The tech sector certainly took a hit on Friday, things are possibly unraveling.  But never count out the BTFD crowd.

There is still a question in this analyst's mind as to whether Minor W3 which started at the election day lows was complete at the Mar 1st high or continued to develop from there.  So there are still two alternates to be considered.
Alternate #1 below has Minor W3 continuing in progress since March with the top of an impulsive pattern registered on Jun 2nd.  In the week since then the ES/SPX has laid down a flat style correction.  The Jun 2nd high could finally mark the top of Minor W3 or it could be just the top of the 1st leg of Minute W5 of Minor W3.  If the collapse in the tech market on Friday is in fact the beginning of a bear trend then Minor W3 may very well have topped on Jun 2nd.

Alternate #1

Alternate #2 has Minor W3 topping on Mar 1 with Minor W4 forming a triangle into it's conclusion on Apr 19.  Minor W5 has been unfolding since then but has a distance yet to travel.

Alternate #2

NOTE: dotted lines show potential EW structures and are not necessarily accurate price/time forecasts
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