It is a frustrating day for the bulls. However, as much as the market wants to retest the low, it has unfinished business on the up side. Very tempting to day trade it but swing trade is the purpose of this blog. Until OEX 670 is broken to the downside, the game is not entirely over for the bulls. Today was very much like August 3rd. Daily pivot broken in a short term up trend. The bulls better take over tomorrow or the consequence will be grave. Playing with the house money now and if OEX 670 does not hold will "sell the house to go full force short" as they say. Tomorow's numbers are 687, 680 and 673.
2c
Subscribe to:
Post Comments (Atom)
2 comments:
hi 2c, I have a different take on this. No matter how I try, I see it going lower. we may get a gap lower. the last 30 mins looks to me like a wave 4, at best. It could still be wave 3, and I just don't see it over yet.
why do you see there is still upside? we are still in the down trend, are we not?
p
Hi P,
I hear you. It violated 689 pivot and theorectically it should be classified as turning down again. However, the market came out from oversold condition and normally should reach overbought before coming down again. This is very much like Aug3 whereas the pivot was violated but it was still going up. Today 680 is important if it can close above that then there is more up before down. The other thing is 670 is long term support and if you count waves then it should be already wave 5 and if 670 hold then a failed 5. If I were to short I would wait for a higher ground to short but I may not have that chance. Yes we are still down trend and playing countertrend does not pay.
2c
Post a Comment