The model from the
backlink is below.
That model is intact even though the reversal was not immediate. It decided to form an owl instead. Note that so far a higher high was not achieved despite the DJIA doing so. If this count is to remain intact then we could see a small move up in the AM followed by heavy selling before noon. The bulls have all but recovered emotionally from the August swoon and already the panic that they felt back then is almost gone from memory.
And so the next panic attack is about ready to play out according to this model. Note that this must not go above the prior high by even a penny and if it does then this model is wrong. That doesn't mean that we should turn bullish, it simply means that any trades which were input based on this veracity of the model below should be closed out. You can always buy back in short once we figure out what is really going on in this case. Remember, volatility will be the sign of these times.
No comments:
Post a Comment