While there's relatively little change from the backlink I did want to provide a quick model update per below. This jibes with my count on USO needing one more wave down. A big part of my decision to count RUSL the way I did was because of the falling wedge that makes up what I count as blue W3 below. Many of you have been reading my blog since before I shared my insights on wedges, namely that they are usually if not always 3s or Cs. Since then, wedges have become almost as important to my counts as HTs. Note that it is not a done deal yet that this will go straight from current level down to blue 5. We could still be working on 4. The recent bounce to $10 could have been A of 4. I don't count it like this right now but the herd certainly has that option and so I will be looking for signs that it is happening.
Friday, February 5, 2016
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