Gut Check
Gut Check
Thursday will be a gut check for the bears:
Green: We are still completing Minor A of Intermediate (Y) – we should complete around 957 -960. This will be followed by a meaningful retracement.
Blue: We completed Minor A of (Y) at the Tuesday high of 949.38. Today’s push down completed Minute {a} of Minor B – we are no climbing into the 937 – 944 zone to complete Minute {b}, which will be followed by a drop into {c} ending around 910 – 917. It’s possible that we turn before 937 but the count would look better this way as an {a}-{b}-{c} correction.
Good news is that we should know fairly quickly which way the wind blows – assuming of course we don’t just whipsaw around all day. If we get Blue I might be tempted to load up on a small amount of long positions at the conclusion of Minor B (i.e. around 910ish).
There is talk about Primary {2} having ended yesterday at 949.38 – at this very point in the tape (and without further evidence) I don’t put much stock into that count – pun intended. I currently still cling to the notion that we have at least one more month of bulltart insanity to put up with.
Cheers,
Mole
