The stock market is behaving according to my count which is that wave 2 up is still in force. I expect a 5-wave advance as wave c of 2 to finish by 6/21. I don't care what other services say, the only way I've ever made steady money is by my own lights. Has anybody out there subscribed to a trading service that is consistently profitable? I would like to know.
The market has not escaped the 12-day M/A +1.3%. The 220-day M/A is at 10,220. This should be stiff resistance. Maybe stiff enough to turn wave 2 into a rectangle instead of exceeding the prior high. 10,250 is the number I would pick. Needs to get past that to escape. I don't think it will. If it does then a new daily trend several hundred points higher. Remember, we have until 6/21, a lot of time.
I count the activity since Tuesday's low counts as wave i of c. There is a lot of overlap so this is tentative. I would prefer to see the current activity develop as a wide rectangle so that I can count we are wave iii.
I'll allow a deep retracement to occur before I re-enter on the long side.
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