Where did he go?
Where did he go?
I will apologize for my absence tonight, I had a few things come up. This will be quick, but I will follow up with some more commentary during the day tomorrow.
As the market stands right now, we have breached Fridays highs on some of the indexes ($SPX, $INDU, $RUT), leading us to seriously question our wave 3 count. Here’s what I mean.
$DJI
$RUT
While losing status quickly, the true EWT rules allow for a retracement of up to 100% of the first move down. Any sharp turn down could quickly accelerate lower.
The probabilities of the near term bearish case are waning rapidly. Any break of the uptrend lines of this rally (not shown) with conviction should be monitored closely. Likewise, any push above critical levels should be viewed bullishly into the 12200-12400 range at this time. That said, near term trend indicator is set to mixed (with positive overtones), while longer term remains firmly down at this time.
I will be back tomorrow with some longer term ideas that you might find interesting.
Skål!
