Comments and outlook for 07-12

OK, today was down not sideways.  Looking more and more like last Thursday was the top of the 34TD cycle.  That would put the last bottom around June 13.  17 trading days from last Thursday would put the 34TD bottom around  July 29 or Aug 1.  Of course there is a 22TD bottom in mid-July.

So I have adjusted my short term chart to reflect Thursday as the top.  After this adjustment we have the 34TD cycle down, the 11.2TD cycle down, the 5.8TD cycle down and the 2.8TD cycle topping.  And of course the 22TD cycle is down about another week.  So this does not paint a rosy picture for the bulls and tomorrow could/should continue the downtrend of the past 2 days for another 2 days.

Here is a visual:

GL traders.  I hope I finally have the cycles correctly positioned.  Warning: do not feed the bears.