We had a dramatic sell-off today, but not enough to create a Intermediate term selloff. Any trend turn is a function of price and time erosion f(p,t). We either need sufficent depth of sell-off (brexit like selloff) or time based erosion where the price slowly rolls over. We have neither, as of today's close. It's still day one and the price action is safely above IT pivots. We are back to square one, where we were a few weeks back, when we found support near SPX 2330 area and took off. We might trade down a bit lower and fill the gaps. We need to trade below 2350 and spend some time below it, before we can call it a IT sell.
Again i am not trying to say my IT turn is superior to others or my IT sell is absolute. To me, if my IT indicators does not allow me to milk the rally to the fullest, it's a shame. If my indicators didn't allow me to participate the last 2 months of fantastic rally, it's a shame. An IT buy or sell signal need to allow me to capture the large advance or decline. It's not about catching the TOP or BOTTOM.
Will update if i see an IT turn.