Why? I am a little frustrated, as some of you can tell. I suppose if I had time to post the charts it would not be so. Let me try to summarize:
1. I think we are in a correction, a 4, of the up that began Sep 21.
2. So then, I see new highs coming.
3. I think we are currently building the 'c' leg of that 4 and are not ready to go to said new highs.
4. I think this 'c' leg (and therefore the 4) ends with marginal new lows that we have not yet seen (vis a vis this week). So, I think the bounce we are seeing in tech right now is a headfake.
5. After the coming rally to new highs ends, I think we have an ugly correction that most likely ends above the Sep 21 lows.
Now here is the kicker. We are in corrective jello. We've talked about this many times: trying to catch the wiggles in jello is mostly a waste of time. What I must be ready for, are the two moves that will be very profitable: the impulsive legs to marginal new highs and, MOST OF ALL, the ensuing correction of the entire Sep 21 rally.
If one gets one's head deep in jello, one will miss the bigger picture. If this things takes off here, so be it. It doesn't look like it has built a platform for new highs to me, but if it does take off without me, then I'll tip my hat to the gods of jello and just get ready to short the piss out of it at the new highs. |
