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The point labeled "X" is the next probable place that another turn will occur to the down side...+/- a couple bars. The point date is 9/16. I'm not saying that's the exact date of the turn.
The larger dots are medium term points seen on this daily chart. Medium term points should be seen using weekly bars for better clarity.
If the intermeidate term cycle high previous to the one labeled "X" is the pending medium term cycle high (the pending larger dot), then this market could be in for another good drop.
As can be seen, the next medium term cycle low is due mid november +/- a couple bars.
But for now, if this current swing high does not take out the previous one, it could portend a good move to the downside. We are just a couple days away from the point date. Ifthis market is still weak, it will occur beforehand. Ifthere is strength, it will occur after.
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