Time For A Bounce
Time For A Bounce
I was planning to put up a post earlier but unfortunately had too much on my plate today. Here’s an updated wave count for you rats:
Blue means we are still not done with Primary {2} and a bounce will get us to new heights – most likely into the 1070 – 1100 cluster. Being a third wave this final rally would most likely move quite fast and count as Minute {3} of Minor C of Intermediate (Y) of Primary {2} – I know that’s quite a mouth full 😉
Orange and Green are now slight variations of each other – Green indicates that we completed a full motive yesterday and are now already in Minuette (2) of Minute {1} of Minor 1 of Intermediate (1) of Primary {3} – yes, yes, I can do this all day. Basically what this means – if you banked coin in the past few days – well, this party is just getting started, just hold on to those March puts.
Orange is almost identical to Green – only difference being that we are about to complete Minuette (1) before we bounce – our bounce range spans anywhere from below the Tuesday low (991.79) to the August 17 low of 978.51.
Today’s NYSE breadth was a definitely bearish at 1.6:1 but nothing like Tuesday’s 4.9:1. NYSE A/D ratio on Tuesday closed at 0.1986 compared with 0.6183 today. All in all a solid down day but we’re getting close to a bounce, so if you’re short term oriented you might consider hedging yourself or cashing out.
And that’s pretty much all I have time for tonight my intrepid steel rats – I’ll offer more details tomorrow as the tape progresses. Before I go – here’s another good EWI article which most likely affects many of you as we are embarking on our next regressive Primary wave.
How IRAs Can Tie Investors’ Hands — and What To Do About It
Enjoy,
Mole