[JWN] update

At the backlink I was suggesting that people might want to consider abandoning ship with the zoomed in chart to the left indicating that the weekly chart to the right was about to see the right side of the owl form.




Below is the current snapshot.  You can see that 2/B had another couple bucks in it before reversing but then the steam came out pretty quickly.  We are now at a point where I would cover after seeing that unicorn tail and then look to see if the chart allows re-entry short in the $67 region.  If you see this happen in 3 waves that is the signal to go short again.  Before either IBB or JWN had peaked I was pointing them out as indicators of rising fear AKA risk off.  The broader market indices have bounced strongly off their August lows but the fact that these two risk indicators have not should not be overlooked.  Something is very wrong with the markets and I suspect that it will eventually resolve strongly to the downside even for the major indices.