Market Analysis for Aug 29th, 2018

Aug 29, 2018 - 11:27 AM EDT

Just a quick esoteric take on 'market mood'....

Since we had our May's high we have not had a market that was willing to push on bears at all. It gave them free rein to pillage. We are now seeing different. This is a significant change in my view. Not only does this bode badly for those positioned overly short to the point that it will be hard to get out, it also bodes well for bulls. When markets push on resistance levels, even if they don't take them out the first time, it is not bearish. I think you guys know that as I'm listening to the board go a little bullish. But I want to clarify my stance. Looking for OML is just me being an analyst. As a trader I see a turn coming, if not already here. My preference is OML but I'm happy to step aside and let the bulls run.

I've learned slowly over time that being an analyst and a trader is two different things. Sometimes the two shall meet and shake hands.

Ryan Wilday hosts the Crypto Waves service on ElliottWaveTrader.net.

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