[$COMPX] update

In the backlink we had this model:



Ziiming in on the target zone for the turn we see that I was allowing for a peak 50 points to either side of the 61.8 fib:



Per the current snapshot below, the chart turned lower within the lower range of the above blue circle and then put in 5 pretty clear waves down.  I've labeled that green 1.  Green 2 was today's peak and then the morning intraday reversal, which I have noted many times in these pages as something not to ignore, put in 1 down and then 2 up of green 3.  I would expect some kind of gap down potential for tomorrow as a result.   Eventually this should grind on down to a lower low than black 3.  It will actually be more damaging to market psyches for this to happen slower rather than faster.  If you have to lose an arm you are much better off opting for the single stroke of a sharp Japanese katana instead of someone using a hand saw for the job.

This model is clearly bust if the market makes a higher high than green 2 but I give that low odds in the 10% range of occurring.