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.
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.
