On the Weekly Level, this market has moved down for two months into our first target being the week of August 7th with the opposite trend implied thereafter into the week of August 28th. However, if this initial August low is penetrated, then a continued decline would be implied into the next target. (NOTE: this can be intraday or on a closing basis).

The strongest target in the Weekly array is the week of August 28th for a turning point ahead, at least on a closing basis. We have a Weekly Directional Change target due in the week of August 14th. Our volatility models also target this date as well. Don't forget, a Directional Change can also be a sharp dramatic move in the same direction, not just a change in direction. It does appear we have a choppy period starting the week of August 28th until the week of September 4th with each target producing the opposite direction for that 2-week period.

Keep in mind that given the sharp decline of 15% from the last high established the week of July 24th, that if we continue to move in the same direction after one target, then the move will not subside until the next target in time is reached. We have elected 3 Bearish Reversals from the last high thus far to date.