Saturday, February 28, 2015

[HUI] update

In the backlink I warned that HUI must continue to go up at this point because failure to do so would quickly break support from which there would be no obvious recovery.  As soon as wave 4 goes into the region of wave 1, the model is bust.

Fortunately, the herd decided to move up to complete a full 5 waves up.  I do not count wave 2 as complete here yet so expect some AM weakness followed by an intraday reversal.  These reversals send signals to the herd and they change sentiment quickly.  Traders only need to get burned once or twice at most following a trend change before they learn that the AM move down is a head fake and a buying op, not a sell signal.


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