Fridays breakdown is more reminiscent of a 3rd of 3rd wave of an impulse wave. So whilst its below 2695, then I favor further weakness as part of a developing 5 wave decline from the March highs (2801). Barring a strong reversal above 2695, further weakness is favored, although a small bounce is due soon and could come as early as Monday for a small 4th wave of the larger wave [iii].

The debate is still out as to whether a major top is in place at the Jan 2018 highs. All I can suggest is if many US stocks only show a 3 wave decline from their respective 2018 peaks, then it is still a potential bullish setup once this current decline from the March 2018 high is complete. Anything more than a large 3 wave decline from the Jan 2018 high, would be a major warning that something far more bearish is underway and the trend for the Feb 2016 has likely completed.

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