And back again....
Yesterday's high broke a downtrend, too. Different one, sure, but it happened. Also, it's unclear to me how yesterday's action helped finish any sort of EW structure. Maybe there was some ED being built out, but Wednesday's low came after a clear wiggle five waves... so the new low yesterday, wiggle-wise, is more likely corrective than finishing a structure, yes?
Again, it's a wiggle argument, but market action over the last period has been full of sharp moves up like yesterday or today early... and characterized by a total lack of followthrough. I still don't find the dailies or weeklies bullish in general here. Who knows, though, maybe we race up to new daily highs here into the close. The pattern, however, has been for the market to close weakly.... |
