I've started to keep closer track of the wave count as we are in a 5th wave down from the 4/26 high. This will complete wave 1 of (3) of a (or 1). In order to complete wave 1 the market must break the 200-day M/A. Currently the futures are touching the 200-day M/A. Good time to cover shorts for a short-term trader. Eventually this will fall and will send investors running for cover.
Here is a closeup of the overnight decline.
Steve
ReplyDeleteDo you think the 5/24 date is the point of braking the 200 day M/A on a close and the start of the next wave down.
Jack
ReplyDeleteYes, I am just looking to re-position at a better price Monday. Apart from expecting a short bounce you know how I hate weekends!