Hey, BC -- well, I'll tell ya that to me, while it's an impressive reversal on volume today, I found it
1) ridiculously cute (at support on the dow and triple bottom, to boot as one exampe. NDX near triple bottom and PERFECT touch on lower bband (of tight bands, too)
2) suspect, as the minutes really didn't say much
3) real til proven otherwise <g>
Still, while today coulda been a retest of the lows, a few things did set new lows (MID, SML, RUT). So while the SPX could now be about to launce a iii of 3 up... it's hard for me to count those others as totally supportive of that. The SOX is a mess for me, too. I can count 5 waves off the Feb high there... but I can count 5 waves leading into that high... though the index didn't make a new price high then. I think it's still possible we're in an expanding triangle type of thang here that's either a B or a 4, which means we haven't seen the lows yet, even if we rally a bit more here. Still, I respect today for now. I'd add, again, that to my eyes on the daily SPX, the only bull count off the 1163 low would have 3 up starting now (and more likely iii of 3. Volume wasn't that great in the SPX, and I'll be a touch surprised if we do just blast off here.
the freep |
