Ending Diagonals are the root of all evil as they repeatedly lure in bears and bulls alike – thus inflicting the maximum amount of pain until the grand finale. Which I believe is not yet in the making however – I hope I’m wrong (please let me be wrong on this one) – thus far all I see is a fast non-confirmed emotional drop. Remember, bad news do not matter when market participants already made up their minds on where the tape needs to go.
Before listening to this make sure no pets or young children are in the vicinity.
We dropped to a pretty interesting inflection point – take a look:
Interesting spot for support and dip buying to kick in, isn’t it? I often said that the market is a cruel mistress. Well scratch that – rather she’s a sadistic cunt who’s bent out on ripping your balls off and serving them for breakfast Monday morning.
I know I owe you guys the next installment on the Elliott Principle option strategies series – let me get to that…