EWI believes the 5th wave up has begun (their count is different than mine below). A main reason why I still choose to disagree with their count is that the fifth wave of the last move up stopped mid channel of the rising wedge and that is generally a bearish indicator. Since EWI count is completely different, they don't see this. I think it could still go either way and that the next test is at the red circle. A higher high than 5100 would make me step back and wonder if we are just climbing the wall of worry and that EWI's count is correct. I stepped into UVXY at the close but will sell immediately if the next move is not downward per the red line.
In short, I still count black 5 as either a deep vee 2nd OR a failed 5th. My UVXY stops are already in place in case I'm wrong.
2 comments:
I agree on a downturn from here in naz and RUT. The chart link shows my perspective. I'm not an EW technician but I like seeing how your perspectives agree or clash with mine to inform my thinking. Very helpful!
http://schrts.co/Mb6Cfr
I also think we may have an interesting fractal playing out.
http://schrts.co/Slwnjl
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