Last week Chris Ciovacco of Ciovacco Capital Management posted a video with his always thorough analysis considering whether this was the last hurrah before a major bear market or the final
test of support before the market resumed its uptrend. He entitled it “Trend Exhaustion or Eminent Plunge” . At around the 5:35 point, that video explains the Demark Studies “9-13” setup for
a reversal and how it plays into this week’s analysis. “9-13” signals on the downside are relatively rare but we got one in May. So, we need to keep an open mind to the possibility of a reversal to
the upside. Even though from a sentiment perspective or even a fundamental perspective it is very difficult to see how any good can be in the pipeline.