No Zweig Breadth Thrust Event: Primary IV correction most likely still ongoing.

11 days ago, see here, we posted that Zweig breadth had dropped well-below the 40% value during the late-August sell-off and that it then had recovered well-above 40%, as such warranting to monitor it for a possible Thrust event. Due to the Labor Day Holliday on Monday September 7, the bulls got an extra calendar day (not an extra trading day) to try to push Zweig Breadth above 61.5% by COB yesterday. However, they failed miserably: ending in the 40s. (see below). Given that zweig breadth thrust events kicked of the Primary I wave in 2009, and Primary III in 2013, we would need one to kick off Primary V. That’s all there is to it.

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