While this is certainly not the basis of my prediction of a new bear market drop coming in the S&P, Dow, and Russel (and possibly the NASDAQ) I can't help but notice similarities in price action in the S&P Cash Index just prior to the June 10-15 drop.
Inverted CBOE Total Put-to-Call ratio is shown at the bottom and its levels have been showing similarity to the bullish extremes exhibited back just prior and to June 8th - which by the way are both even higher than what the ratio was at the Feb all-time-highs in the S&P!
Elliot wave patterns, Sentiment, Volatility (VIX), and price action all seem to be flashing red flags.
Not to mention we are at all important resistance levels going back months.
Just an interesting observation :)
Cheers!
Cyrus
Inverted CBOE Total Put-to-Call ratio is shown at the bottom and its levels have been showing similarity to the bullish extremes exhibited back just prior and to June 8th - which by the way are both even higher than what the ratio was at the Feb all-time-highs in the S&P!
Elliot wave patterns, Sentiment, Volatility (VIX), and price action all seem to be flashing red flags.
Not to mention we are at all important resistance levels going back months.
Just an interesting observation :)
Cheers!
Cyrus
