Barry,
Wave 2 up will not be completed over night, because it's a larger degree wave. Wave c of 4 of 1 could be completed last night because it was such a minor degree wave. Now we could complete a small portion of wave 2 up in the overnight, but it should be clear by early in the session tomorrow as to how far we've come in the wave count, and how much to go.
Closing your eyes is a good idea, and batten down the hatches while you're at it, and hang on to something that won't move. Wave 2 rally's can get very hairy. As a matter of prinicipal, I typically will not hold a short into a wave 2 rally of this degree because they can be very sharp, and retrace much of the wave 1 down. But this is a special case where we had an extended wave 1 down, and the window tightens now for the rest of this move to take place. The wave 2 rally should be relatively quick, and will probably take the dow up more than 100. But just like Monday, I expect late day action to reverse into a negative close that will scare the prozac out of the Bulls, and be the precursor to the coming collapse. So why not just sleep in late tomorrow? :o)
Regards,
David |
