Some of my readers will recognize my previous work from the Reversion to the Unified Mean (RUM) Wave blog. I wrote it in relative anonymity for a couple years. That work can now be found here.
Even though today was a significant move lower, I do not see this as an entry point. There is still more downside needed before the RUM Wave indicators move into buying territory. Today we again saw the SPY cut some losses, but the IWM (Russell 2000) was down by a little more than 1%. The timeline for market entry looks to be targeting sometime next week.