[JNK] update

At the backlink I modeled a small bounce in progress which would likely die at the neck line of the H+S.



Current snapshot is below.  If you just ignore the numbers for a second you will see that the bounce did indeed test the neckline from below and has now put in 5 small waves down.  This is bearish for liquidity and thus bearish for the global debt Ponzi.

We are near the time when some kind of gap down is likely in the liquidity markets that begins to spook the leveraged longs.  The gap I left in the model below was not by accident.  The numbering below is different than above, more aggressively bearish.  Time will tell which the markets decide to go with but the message should be clear: fear seems to be gaining momentum in several indicators and the broader markets, being highly leveraged on margin debt, cannot take very much of it before the selling begins.