This week has been a pretty boring week, not much happended as we got an oversold bounce from 1630 to 1660 for the whole week – only 30 points in 7 days.

On Friday we tested MA50 and got smacked down into close after hitting it. I think it is a bearish backtest before we go lower.

VIX suggestion a bottom in place for VIX and higher levels to come.

All in all – I think the correction is about 60% done and we have the 40% left. The last phase of the correction should be the most ugly and the most PANIC – so expect PANIC sell off to occur as soon we break below 1627 near term which I expect.

The roadmap so far been pretty much spot on – so lets hope it continues. I expect us at least to get below 1600 before the correction ends , this might be starting in the coming weeks.