[vc_row][vc_column][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Over the past few months we remained adamant the rally from the December lows should not be trusted. The roll over in the past few weeks is supportive evidence in that direction. Prices have now traced an initial sequence of 5 waves down with a corresponding 3 wave rebound now looking either complete or almost so. If our assessment is correct the downside risk for the remainder of this month and probably going well into June is very high.

We are defending our bearish stance at the 2901 / 2933 / 2960 resistances. We are advanced enough into the wave pattern to suspect that pushes below 2815 / 2791 will lead to powerful downside acceleration. An initial target range is 2726-36 ahead of 2680 and then 2638. We will discuss alternate potentials if we see the need, with the information we have right now we will remain bearish and short with a stop at previous highs.

Wish you guys all a good week-end.

OmahaCharts - US Stocks Service Volume 17 – 2019

[/vc_column_text][/vc_column][/vc_row]