As the market plays outs, we get a clearer picture of the true wave count. Rather than a 5th wave extension, we are seeing a 3rd wave extension, which is more common. Here is my revised primary count. There are alternate counts that also work, but I think this is very close. As a swing trader, I am still looking for a bounce higher (Minute Wave 2) before shorting aggressively into Minute Wave 3 down.
Only one comment on my last post? And it was from everybody’s favorite StockTocker, Dan. That might be a better indicator than anything else. Where are all the Bears? Or have they just moved to other sites?
Sitting waiting patiently Idan. lol
ST’s evolved from seeing everything from a bear perspective. Which is good. What good is perma-bear ? The market certainly is not perma-bear. Shanky’s blog is still good for those of you who thrive on the glass always being half empty.
Valerie, glad to see you still on roaming our pages. I understand some of our contributors, including myself, were early on calling for Primary Wave 3 lower, but I feel highly confident that being a Bear is the right play if you have a longer-term perspective. Of course, it’s not useful for day traders and short-term swingers. My bias on the market is bearish, so I trade from that perspective. In retrospect, there was a lot of money to be made from the long-side over the past several months that I missed due to my bearish bias, but I’m OK with that if what I expect plays out, which is historic price action to the downside in the months ahead. I suppose I’m proving your point, given that Shanky and I are very much on the same page.
Goog RSI (14) is 17.6 and in oversold list