I would have posted this sooner but I have specialist exams I need to be studying for. For this correction I could have literally posted anything, but Emerging Markets ETF EEM looked best (I also find that along with Semiconductors XBI are a good bell-weathers) and other sectors like Energy ETF XLE put in a sell signal a week ago. The markets have a whiff of fear so already people and pundits are predicting an overall decline of about 8 to 10%. I frankly don't know what to believe. I'm a little cynical after the market has risen literally non-stop since the election but after the crossover of the EMA's a decline is upon us. We are miles from the MA(144) so there's plenty of room for this to fall if it wants. The question becomes "is this a five wave fall or just a three wave correction?" I've tried to draw in what the channel and trend might look like but needless to say, profits should have been taken off the table Thursday or Friday (again, sorry for the lateness). Some of my indicators are also turning over so let's just watch this. We're too late for opening short positions but we can revisit the issue after a little while. Our sell signal on the RSI 5 has been revised but it is big, and if some of our newer readers don't know what a blow-off top looks like, now you know.