Jobs report came in weaker than forecast. Expecting 175,000 but got 103,000. Market sloughed it off. ADP has egg on face.
DJI 5-minute, 370-unit M/A at 11,675 with a breaking point 11,520.
SP 30-minute M/A at 1270.87 with a breaking point 1264.50 on 30-minute close.
Crude completed it's 3 up and looks ready to decline.
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I laughed out loud at your ADP comment. Thanks.
ReplyDeleteYeah, haven't they done this kind of thing before?
Steve
ReplyDeleteI did agree with you on Crude finishing its 3 wave correction up, but then a few minutes ago I saw the Crude futures go from being up $0.80 to down on the day to back up a new high on the day. That makes me wonder if we are looking at a fast B or X wave and now it will begin working on the final C and another ABC.
Please recognize that I am still new to the EW concept (less than a year), so I could easily be out in left field.
What are your thoughts on the fast move down than up. It went so far down that it raises questions with me.
Thank you
DennisP
Steve
ReplyDeleteWould you agree that the 4th wave expanded flat is off the table and we are now ending the 5th wave up from the Aug. lows? 1253 is support and 1172 would mean we are in the 3rd down?
Jack C
Crude popped after the orthodox end of the abc on the pop in the stock market. This is probably wave 2 of another 5 down. The lower odds are that crude completed it's 3 wave down yesterday. I hold SCO.
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