Velo, I got this from the Bear Forum. What do you think??
Objective Unsustainable
I think the DOW will bounce off 10k, the SPX off 1.2k, and the Nasdaq off 2000.
The retracement has been too far, too fast, so I am cancelling my short term bullish outlook because we've already
arrived, or the train is decelerating into the peak. I've already put a put order in, and won't try to catch the
last 2% (if it appears, and stays around long enough to trade - this is like a rubber ball off a ceiling).
Basically we are in 5 of C of 2 which is extending. I think we may be in or have just ended 3 of 5 of C. [Some others are counting this as wave 4]. This should be the last correction before we achieve much lower levels.
Of course there are alternate counts, and I could be off a degree, so this might have much farther to go, but I place that as unlikely. 250 point dow moves don't occur in the middle that often. And with the wave placement, it is probably another end-of-move sign.
Do they think they scared Mr. Bear so deep in the woods that he isn't coming back? Put some more sauce on those bull steaks baby, and turn up the sizzle. Yogi and Boo-Boo (named for
famous bull) are about done with their nap in the sun, and are geting lean and Hungry.
Tradable rally from last week has happended yes, thought not much for QQQ's, but it just doesnt set right with me. I guess bullies a little irrational after the Bear clawing he got recently. |
