Battle Zone
Battle Zone
10:02am EDT: Some recalcitrant dip buyers are swarming in this morning and are promptly being sold. The battle for the four digit bulge has begun and it’s not over unless we see 980 breached with confidence.
Blue is running out of space as we are close to breaching Minute {1} – which as you know violates a basic EWT rule. Quite frankly, I’m keeping it only around as a potential bullish Hail Mary – the wave form thus far greatly favors either orange or green.
10:20am EDT: While the tape is trying to pick a direction north or south of VWAP, here’s a good read on the the efficient market hypothesis as the true ‘villain’ of this market crisis.
11:20am EDT: Remember this chart?
As I said – CAF was front running FXI’s break down – we got a nice entry right at the last kiss goodbye.
11:25am EDT: Some of you guys are getting nervous – what did you expect – a one way trip to 666? Give her time – we dropped quite a bit yesterday and it’s natural to see a counter wave. If we make significant highs I will use it to add more long term short positions.
This is an attempt to paint a rough channel – we need more touch points but the lower boundary seems pretty well defined.
