One of my canaries in the panic mine just tripped. [JWN]

I'm updating my model for Nordstrom's from that at the backlink shown below:




The new model (below) is no less bearish than the old one but is just more conservative, perhaps too much so.  It is essentially a W3 centric model and so should be a good test of that indicator.  Most EWers would just stick with my original blue count above and in fact I would quickly revert to it if the chart below falls below $73.50.

The important thing of course is the support line break down which has occurred in JWN.  This has been an early indicator to look for that I cited some time ago along with IBB.   IBB has not broken down yet but it the chart looks ready to roll over and once it does we will see UVXY skyrocket.

Quite some time ago I modeled UVXY as having downside to perhaps as low as $8.  I don't know if it will get there or not but I am hold a 1/2 position over the weekend because I think we should be at the end of the current wave.  The other major investment I have is JNUG and I'm still holding a small amount of TRX.   I also have my original batch of LL which I expect to begin turning up next week, even if only to the $42 level (but could be even higher still).  I think when money comes out of the high fliers it will go into the beaten down stocks like LL in search of value.  Value is almost non-existant in this market but if some smart hedge fund manager has a bunch of profits form AAPL or NFLX he could pour them into LL simply in hopes of causing the shorts there to panic so that he can squeeze them.  This is what so many don't understand about share prices, they are quite disconnected from the real value of the company.