Shorts can't seem to catch a break right now. In the
backlink I was expecting a big move down today in DJIA after finishing 5 moves up to form what was thought to be a flat correction. Instead, we got what looks to be 3 waves down and then a reversal. Tomorrow we should know for sure if the bullish model below is correct but I sold my UVXY into the close in order to avoid exposure to a likely 3 of 3 up in the DJIA.
Until something changes, the odds now favor the conventional wisdom count which is to say a large rising wedge as
Dan Eric discusses here. A break below the lower red rail in the model below tells me that I got this wrong and that the bear has begun. But after today's action I don't see the count which would enable that.
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