We should still get more of a iv-v inside C of (2), but this can be trying to get a little extension of circle iii first.So far I think this is a nice calm move down. Vol is not going crazy, but I think we should see a few more fireworks into Nov before we get a lasting bottom.Setting up for a NICE few years.
While the SP scraped out a new nominal ATH... only 6% of stocks made new 52wk highs.
This divergence can be seen clearly in comparing the equal weight RSP to SPY. Not only is RSP still under the Feb high but it is even still under the June high allowing it to be the B of the wider flat for (2) still.
We see a good mix of ind stocks in StockWaves that fit into each faction and those that look like they only need a C down to complete ALL of (2) will be at the top of our lists for the next round of rotation when many other things might be only "A" of a new ABC for (2).
great action off the ah's session last night in my work for bears....when you look at a chart pretty much since the Fed rally, we went straight down with very little bounces....so to bounce finally from 2771 to 2835+ futures and from sub 2800 cash to 2841+.....it gets all the short the Buffet headline folks in the hole from the early morning weakness completely being unwound....likely covered or questioning into close....which is great...created a nice squueze....so i think if they hold it under the pink net...tomorrow and wednesday can be a big down days....
then sentiment will get hyper bearish again...(i want to close all my shorts from 2950) into that weakness 2750/2700.....
alright going with my instincts...i think its too early for the world to cascade and markets blow up...feels like the timing would be very problematic, and screw up a lot of things longer run...all charts are at Butt Cheek holds...so hey they hold or they don;t...but my stop is 25 away...and a hit t the upside is atleast 100 if not a lot more...
so im adding my last bit of leverage here at 2705...shorter term for a run to 2800+...details in thread -----
stop will be 2680 roughly....
by "HarryDunn" - 3 years ago
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