The SP and DJ futures turned in a 5-wave up to this morning's high. Then both cash and futures declined marginally below Friday's low before rebounding in a smaller-degree 5-wave up. This is bullish behavior.
The longs have been methodically thinned out Friday, then again with the new low. I still trust I1 and am remaining long against DJI 10,060 being broken.
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Steve
ReplyDeleteUnless we break trend we should close some where between 10100 and 10000, and if we are finishing a small corrective wave right now we could finish down around the 10000 area, 1st wave of a new 5 wave down?
Jack C
Hi Jack,
ReplyDeleteI see a rectangle from Friday afternoon. I'm waiting on a short-term support break at 10100 DJ futures to clear out of the rest of my longs. I'm taking a trade on short futures but this is short-term. Unfortunately, I can't short in volume until I1 peaks.