Bears Remain MIA
Bears Remain MIA
12:38pm EDT: The bears had more than one excellent opportunity to take advantage of this rally since yesterday in particular as buying momentum is waning. However, we keep melting to the upside and I’m starting to hedge myself and will remain hedged until we start breaching those two channels:
Nobody is daring to sell this market right now, which gives me a bit of hope – it appears the bears have completely capitulated and that is usually when there is a massive sell off. However, be this as it may – I have taken quite a hit since Friday afternoon and it’s starting to get expensive. Will remain hedged until I see somebody selling this market.
1:03pm EDT: Breach unsuccessful – we bounced right off the lower channel boundary and the entire drop has been erased in two minutes.
2:54pm EDT: Little wave count update:
2:15pm EDT: WOW!