The markets sure take things to the limit don’t they? It looks to me like tomorrow’s the big day. Either we break down and have completed the ABC corrective wave or we are in the 3rd wave of a 5 wave up from the July 2nd bottom (how much higher or lower would you say to confirm this). Is that how you see it also?
Reversals don't happen smoothly or sequentially. It is a tough way to trade but one that makes sense to me. If we take out this nominal high by more than a SP point then I'll have to re-cast the market in a bullish light. Until then it's just big money pushing small money around and getting into their positions on our backs.
Steve
ReplyDeleteThe markets sure take things to the limit don’t they? It looks to me like tomorrow’s the big day. Either we break down and have completed the ABC corrective wave or we are in the 3rd wave of a 5 wave up from the July 2nd bottom (how much higher or lower would you say to confirm this). Is that how you see it also?
Jack C
Reversals don't happen smoothly or sequentially. It is a tough way to trade but one that makes sense to me. If we take out this nominal high by more than a SP point then I'll have to re-cast the market in a bullish light. Until then it's just big money pushing small money around and getting into their positions on our backs.
ReplyDeleteSteve
ReplyDeleteI'll be looking at the futures closely tonight. Still short, but I’m putting in my stops.
Jack C.
Jack,
ReplyDeleteEWI shares the same count as I do.