This cycle turn should be a high. The c of 4 of C should wrap up early tomorrow, perhaps with a gap down, as AA has postulated. Then, we get wave five up. If one and five are equal, they last one day exactly, and not quite 150 Nasdaq points.
You get a major directional shift at the conclusion of the 5 of C, and it corresponds to a 5 of 5 in Old Econ. It may come a few hours into Thursday, but that's OK; the tide change should be from incoming to outgoing, despite the ripple ahead.
Message - buy the dip tomorrow morning, but don't hold overnight. And once this thing starts to roll, unleash the hounds...
Also note that, I continue to see the possibility here of a failed 5th of C in Naz 100. It would be an absolutely fitting end to one of the most sinister bear market rallies in history. I wonder if ever before so many unsuspecting victims have been lured in by the promises that the "bottom is in", the bear is over, the recession has been called off, and a new bull market has begun.
BC |
