Monday, August 31, 2015

[RUSL] update

Per the backlink I still think that a large C wave is in progress which could target the 50s or 60s.  Or more.

But don't get distracted by the possibility of this:

When this possibilities below face you.

Keep your eye on the short game, the here and the now where 78% materializes out of thin air (from $10 bottom to here) for those who see it coming and of course it can go away just as fast.  To be clear, After calling pretty much the exact bottom (so far) I bailed on RUSL in the extended trade today.  My primary model is for a pullback to the level of the prior 4th but since the coming drop would be wave 2 up following a long bearish spell we always have to be looking for that deep vee second and of course this could also fall into a 5th wave down.  That is what I hope is does because then the count would be 100% clear but even with some ambiguity here I can't say I'm doing too badly on this as is.

I took all my winnings and put them into UVXY.  I'm hoping for 20% there tomorrow but I could envision possible outcomes where things could get crazy quickly.  In any case the red path would be the 61.8 fib gap fill and a very respectable level for wave 2 of a bull market.  I'm not saying it has to bounce there, only that it should not surprise anyone who knows how the herd tends to move.

Oh, if you are holding overnight you might luck out even though this is not my primary count.  I see one more chance to kiss perhaps $18 before a retracement becomes necessary.  If you zoom way in to the 2 minute chart it looks like an HT formed. 

Twitter Delicious Facebook Digg Stumbleupon Favorites More