Strong Downside Momentum continues
My current stance that we are in a Wave 2 Correction is being challenged. Price remains below the 40 month moving average with still no sign of a bottom. The Bollinger Band Width measurement shows growing strength in the trend. A spike in the VIX that also can indicate a bottom has not yet occurred. The only positive I see is that there was a little support at the 50% fib mark. Overall, it seems best to continue riding the downside trend.
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