Im not so positive on that,or at least not now.. no big buyers at the current level..BIG data out of UsA later, that is going to make or break the trade.Taking some profit here nice trade in getting a 100% retrace 1350 points per contract..letting a few run just for good measure
Mark i have changed my mind about the bullish count and turned bearish on monday.My new count suggest that we doing wave e now in triangle and that we are going to break to the bottom out of triangle.The way i count the sp500 we already doing wave 3 down and starting a wave 4 today sideways movement next view days.
that ALSI decending triangle is pretty ominous. There is 7 months worth of worry to have to climb through. This is the 4th time this level has been tested in the last year, each time making lower and lower highs. I am bullish, but pessimistically so - keeping my longs in place, and no longer adding, if 27000 breaks, I am outa here
Look i was bullish until monday.Thought that after the dept ceiling was raised the markets will go on a run.What happened the markets went down.So i went back to the drawing board and got a new count.Call it the bearish count were the triangle is a wave z corrective wave and to break lower.(The sp 500 triangle already broke lower).i still think the markets will make a run up this afternoon and then trade sideways maybe until friday.And then break the triangle support line lower.if u take the triangle width as measurement the medium term target for the alsi is 24000.My target for todays run could go to 27750.(38% retracement).