This chart remains bearish. Here was the three step process that culminated in a bearish rating:
1) A TD Sequential countdown bar #13 on August 2,
2) The cash S&P500 had bearish divergence confirmed between price and the RSI (top pane) on August 9, and
3) A price flip occurred on August 16.
The associated “stop loss” (or risk) level is at 1737.48 (horizontal cyan line).
On this chart, the next bearish development would be to confirm that the August 2 high also marked the end of the green level Y pulse (and hence wave 5 in the trending impulse pattern from the November 2012 low). Currently it would take a move below the June 2013 low to get that confirmation. However; an “early warning” signal for this event would be a close below the Beta-X trendline shown in blue.
Finally, note that the June 2013 low must still be broken in order to show the TD D-Wave Triple Three count (presented in the recent series of postings on waves) as complete. Please note that the wave count shown on the chart is not that D-Wave count but instead one based heavily on my price pulse work. I use the D-Wave count in a corroborating role.
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