charts courtesy of stockcharts.com
Are we there yet for a bounce? Maybe.
I have marked all conditions I need to take a full position. Meanwhile, I have a small position, just some calls really.
If the last set of 5 waves are complete, then the latest low (Feb 4) should hold. There is another unfilled gap below it that gives me a bit of concern for possible wave extension downwards.
So, I stay cautiously positioned. I may relax a little if MACD starts expanding.
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago