The good news for the bears is that the lower highs on the Dow 30 ‘diamonds” are still absolutely intact. The not-so-good news is that the descending trendline is damaged. However, breaking a trendline doesn’t mean the downtrend is over.
The emerging markets have absolutely rocketed back to the Sept 12/13 price gap.
Likewise, the global markets (sans North America) have had their fastest, nastiest upside run in years. This is freakin’ brutal, but the lower highs remain in place here as well.
The gold miners seem to have sputtered out precisely beneath the massive right triangle pattern.
The Sept 12/13 gap on the SPY is still a little ways off, but at least we’re in the same ZIP code now. I’ve anchored that magenta horizontal line to this gap.
