Point and Figure Update
The price continued its fall last night. The ONLY significant target price right now is $1699.99; the price point that will end this bull cycle. Two days ago we were 41 boxes away. Yesterday we were 30 boxes away. This morning, that price is three boxes away. In terms collapse this is not the worst we’ve seen. The last two HUGE collapses (1 in May and the other in June) were 45 boxes down. We are only 33 boxes down this morning. So, we might have some more to go.
Here are the prices today:
We bottomed out this morning at $1,758. We are bouncing up a little from there.
The price would reverse with a price over $1,800 AFTER 8 PM EDT tonight.
The formation remains 5 columns wide.
We’ve blown away all lower targets.
The Low Pole Warning (below the last column of Os by 4 boxes beyond the breakdown.) is screaming at us. A dead cat isn’t bouncing much these days.
I think we probably change trends today. My guess is that before July 21st and August first we will see some kind of recovery. The day we see a solution take place on the scaling, we see a couple hundred dollar rise.
Until then Clubber Lang’s prediction in Rocky 3 stands: “I predict pain….”
Have a nice Sunday.
[The Daily PnF Chart](http://imgur.com/a/Aafbp)