If you have been paying attention to my Cycle work, you should have noticed that I have been forecasting for some time that I was expecting the next 5-6 Month Intermediate Cycle Low in Stocks to take hold sometime between late June to Mid-July (I have been beating the drum on this one fairly hard).

https://goldtadise.com/?p=373810

It now appears to me that the Brexit will likely be the initial catalyst for this move into the next IC Low during the timeframe that I expected. I have the next NFP report on July 8th so perhaps we will see a final low around then. Between now and then we may see some kind of bounce but who knows.

The key issue now is will the next IC Low for stocks be a higher low or a lower low than the Jan 2016 IC Low. My chart shows the steep price down trend channels from the last three IC Lows along with a Fib retrace. Anything more than a 62% retrace here would be bearish in my books but a higher IC Low than Jan 2015 would provide some bullish context for the Bulls.

Screenshot 2016-06-26 21.20.04