Genworth Financial [GNW] update

My first post ever on Genworth Financial was here. 

Obviously I was hyper-bearish on the shares back then when they were trading at $14.  Fast forward to today and we have the new trading price of $7.72 with a chart that is looking quite similar to my model.  So far it is only 3 waves down from the peak but I think that it will shorting print a lower low as shown.

Ponzi players like Genworth are collapsing right now ahead of the main decline of the markets.  Some think that the markets are in fine shape and are calling for more gains but when I look around at the marginal players like crap financials and at the airlines and other canaries they are dropping dead left and right.  I expect this to begin showing up in the broader markets as soon as the Q2 earnings reports begin to roll in.

We ain't seen bad yet and it has been coming for a long time.  But I think it is about ready to knock on the front door.