For the EW followers, here's the latest from EWI:Our forecast...

For the EW followers, here's the latest from EWI:

Our forecast for new lows in the stock market remains on track. Those new lows, beneath the October 10 intraday lows, will either occur within the next couple of days, as stocks fall in wave iii (circle) of 5, or after one more upward subdivision to complete a Minor wave 4 triangle pattern. If one looks at daily closing prices only, the S&P 500, NASDAQ, Value Line, Dow Jones Transportation Average and DJ Wilshire 5000 today made new closing lows for the move. Current popular market bromides such as “don’t panic,” the worst is over” and “invest for the long term,” should be swept aside, or at least questioned, as prices break to new lows, which will surely cause consternation among the chattering heads in the financial media. But no market move, up or down, is a straight line and once stocks make a new low, odds will greatly increase for a countertrend rally that lasts several weeks to several months. First, let’s let the market make the new low and then we’ll start scouting the terms of a temporary bottom and subsequent rally.