A Bounce After Drubbing

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Bearish Market - Comments

• For several weeks, I have posted warning messages about pending reversals in Magificent 7 and large-cap techs, major US indexes, SOX, European markets, etc.

• They are all nicely down. I think there was a major, possibly multi-year, top in many markets.

• We have seen nice drops in all indexes and a sharp increase in volatility. 

• We got an unusually high value of VIX for a relatively early phase of a correction, or if you prefer bear market.

• US indexes and many others bounced yesterday. The bounce should last a bit longer, but nobody should be surprised if the drop continues immediately down. In very bearish markets, retraces can be short and shallow.

• There will be bounces, but everyone should prepare for more downside.

• We track multiple indexes and other financial instruments in the premium newsletter down to very short-term moves, with multiple updates each week.

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Indian Market

• Although INDY (Indian market ETF) pushed higher than I expected two months ago, a few weeks ago, my cycle analysis indicated that it is due to reverse direction.

• It is trending below 10D EMA (ST trend down), broke the gray price channel (bearish), and broke below 50D MA (MT trend down).

• It bounced yesterday off pink support.

• If my black count is correct (see the full count on the weekly chart posted before), ideally, it should correct down to about 45.

• The red B is also plausible. In that case INDY should correct below 39.

• In the long term, the Indian market is one of the most bullish, and correction should represent a great buying opportunity.

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