Hmmm... was my weekend update too ambiguous for you. What part of "Gap down, follow-through, then a day or two of rally" did you not understand. -vbg
I am just waiting out this pop, but it is stronger than I would have thought and is on the edge of feeling, gulp, impulsive. NDX 2550 will make me start to wonder, but until then I am in fade mode. Normally, there are 3 possibilities: up, down, sideways. Well, I eliminated one of those going into today -- down. We are either beginning a new move up or just correcting before the next leg down.
Honestly, if this move does not stall very soon, I will seriously consider the improbable -- that we are starting a new leg up. Take a look at, say, the 45min for NDX. This is the most forceful up we have had in a long time, although it does compare perhaps to the bounce around the 26th. Bear wavers would label that bounce a 2 and the current bounce a 4. Bulls, well, they just see the entire mess since the 24th as a small correction and we are now heading to new highs.
All will become clear soon... -g
Yours, Allan. |
