S&P Midcap Intraday Update.

This Midcap chart decline, sure looks very similar to the Russell 2000 decline giving us two indices that seem to be leading the bear charge heading south.  This is a good thing as we have a few indices that the majority has been ignoring. When the media wake up and starts paying attention, then chances are good the Midcaps will be ready to rally. 

The next leg down should also be a single zigzag with alternating A5 and C5 wave structures. It could be a short decline, but we have to see how the pattern starts to unfold, before we jump to conclusions. 

At this time the Cycle degree wave 3 is up, but this may be temporary if I’m still far too early. If I’m way out in left field I assure you the markets will ‘force’ a major review, where I have to find a better fitting location. For over 15 years these markets have force reviews on all my early wave counts. Constantly going back in history to find what you missed, takes a long time to do, which many of the expert wave analysts have never done. 

For now I’m bearish until this rally is completely retraced, and a new record low is regurgitated by the parrots. This is harder to determine at this intraday scale, as this index is not on the radar screens in the first place. 

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