The IHS pattern we've all been closely watching is a memory at this point, as many important ETFs cut below their October 10th lows (which constituted the left shoulder). Early today, I got out of my EEM position.
![](/ImageProxy?imageid=2742&height=600&width=600&fillWhite=false)
Notice how the blue line (the neckline) didn't even come close to being penetrated, whereas the red line (based on the lower level of the left shoulder) has been compromised.
I would also mention, at the immediate moment, it looks like we're getting a tiny bit of a rally (well, if you want to call it that). I'm planning to do with it what I did yesterday……..make a little on the upside via ES, but not stick around.