Short term oversold

The market has experienced an impulsive wave down, exactly as we described our expectations in the last few posts.

Currently, we are oversold in a number of ways ( ie on the hourly chart) and hence we may see a bounce up tomorrow.

All major indices pierced through their respective 50 DMA, a sign calling usually for another 5% correction (below the 50 DMA). 

Target for this wave is 1,530-1,540, which represents a series of lows from March and April and a high from February. Also, is -5% from the 50 DMA. Also is very close to the 10% correction from the last May high. Also, when this occurs, we will likely hit oversold on the daily charts.