4/19 Daily Commentary

If the high is already behind us then the stock market would turn south from this level.  I will stick with I1 and sit on my hands until support is broken.  So far all we have is a 3-wave downward correction. If it turns down here to a new low then it will become a 5-wave (unless the downleg is itself a 3-wave).  In either case breaking 10,930 in the day session would also confirm an impulsive down-wave. A futures break of 1178 would confirm during the night session.   I1 peaks 4/29 but powerful downward forces will probably prevent the market rallying to a 4/29 high.

Silver has given a sell signal.  I am short a little and am awaiting a further upward correction to 17.95 to add shorts. Silver is incredibly sensitive to liquidity flows and is warning of a stock market breakdown soon.