MidCap Short Still Valid

I wrote a post on April 30th titled, MidCaps Set Up Short After Perfect Q1 Long. That set-up failed four weeks later, which is typical of my public plays. But the short set up again just a week after being stopped out, and triggered two weeks later below $272.62 (protective stop above $278.33). The minimum idiot wave move for MDY from here is $222.50 down to a "typical wave C" drop at $210 - $205. In a real crash-crash scenario, it could drop below $180. 

I don't know anything about "Brexit," but I do understand that the dissolution of the EU would be a real mess and markets could be foretelling this with the projected down moves I've detailed above (and below on the chart).

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MidCaps Set Up Short After Perfect Q1 Long

Weekly squiggle analysis ... flipping through the charts I see a lot of shorts (and only one long -- the bonds). MidCap 400 (MDY) set up long at the end of January (now he tells us!) and has been in the minimum C target zone for the last several weeks. My chicken entrail reading may be screwy because of that August Flash Crash low, so take the voodoo with a grain of salt. 

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