Last post I said
“The decline from August 23 looks like a 3-wave affair. Maybe we get another push for another low or retest to complete 5-waves and then we see a bounce?”
Well, a push down is happening in the future market.
Actually, as I was typing, it intensified – probably some econo-news at 08:30, I don’t care enough to even check.
I also said that what I had said was
“the best I can do for the bulls. Other than that, 60-min technicals look dismal – poorly aligned MAs, price in the lower half of a down-sloping channel, price making lower lows and highs.”
So, it is a weak tape and responds negatively to econo-news, and that’s that – until it changes.
As things stood last night, a move above 1075 would be needed to even suggest a change in short term trend. Depending on how the day opens, that level may come down.
One day, one of these econo-news selloffs may turn into a trap that closes on the last short prior to a good squeeze.
But when? It may be today, it may be Friday, it may be next week, or????
Just saying what may happen at some point in some vague future is not deterministic where positions and trades are concerned.
We are now in a situation that it would be criminal to lose money on any existing short positions. All I would have to do is position management.
I may do as I have done via multiple levels of exit.
et Maintenant, Petit Déjeuner :-)
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