<<Only 45 points or so away now from the bottom of the COMPX wedge. >>
So, is there any way to determine what'll happen at the bottom of the wedge? I'd suspect a bounce, yes, but then? If this really is a wave 3 down (as BullRidaH had, and Bobcor seems to think is possible as well), then it would seem we'll be going lower than the wedge (unless the 5 of 3 finishes down there, I suppose). A breakdown from the wedge would be a large technical failure, I assume. But a fakedown breakdown might very well be expected, based on the fakeup breakup before, yes?
I'm just trying to prepare myself for the next month or two from a slightly bigger picture sense. Obviously, if we hit the wedge bottom tomorrow, I'll know my answer. And wouldn't that be a surprise in the face of options expiration AND a Fed meeting?
I guess, in non-tech, this is the difference between your S-T and L-T bearish scenarios, correct? If the S+P starts a rapid decline from here, we probably go farther down than if we do the bounce up and then retreat? Or am I reading those charts wrong again?
BTW, Allan. . . nice call on the SOXX going down today via the element of surprise. How'd you know that VTSS would warn? <g>
the freep
EDIT: A second binary grub in a week! Freep is en fuego! |
