Looks like the market is completing a small 5 down ending at a re-test of the 8/16 lows. Until DJ futures declines below 10,161 I'll expect a small bounce here, say to 10,277. If this is the bottom of Su-Minuette3 (that is, S3 does not extend) then this should take all day.
Thanks Steve! Agreed that whatever comes next should be a corrective, and likely a 2, perhaps in the form of an ABC from any low premarket or early in cash. This might take us towards the rumored max pain today above 1080.
ReplyDeleteThat leaves us with a 3 next week, which at least theoretically could/should/might take us towards and perhaps through the year's lows around 1010.
Interesting times we live in. Looking for news from Europe or Japan or Iran or North Korea or... this weekend.
Regards!
Josh
Josh
ReplyDelete1080 is a max. With the expanded flat just completed the high will be at least DJ futures 10,227. Still looking for 10,277.
Thanks for the post. I'll be holding over the weekend, so I'll try to avoid the news.