Bradley, Breadth, The Big One & Just Like Yoga

E-mini futures have declined in five clear waves from yesterday's 1978 high. They're bouncing hard, and could easily reach 1972.

The question, as always, is what happens when the S&P cash opens. Anything below 1965.34 might suggest that the Bradley Turn Date may have marked an important juncture.

At the current time, though, it is rather doubtful. A lot can change, and quickly. But unless 65.34 fails, there is still ample opportunity for this market to make new highs.

This action would almost be preferred given the internals, which are weak. Breadth, volume, VIX, TRIN, and the percentage of the S&P 500 above the 20, 50, and 200 day moving averages all suggest a new high should be sold.

This is not to say the Big One has arrived. This is to say the 50dma lurks below at ~1933 along with the lower rail of the rising wedge, and would make an ideal target for a wave 4 low before a final blast off in wave 5 targeting 2000+.

If a new high comes along, great. If not, great. Stay flexible and open minded. Just like yoga.