Today's trading...... We broke out of the downtrend..... which means???? anybody.... Correction.

I was trying to blog this as the 4th wave was developing... but lost my chance, to say that I was suspect of this move because it hadn't developed a wave 5.... then it developed a wave 5...

Now one would think that you would jump right on it... but honestly the conservative trader waits for a clearer sign that it's breaking down... Like if it breaks below the bottom of the 4th wave... or 70% of the 5th wave... there is no reason to catch the top tick.... just wait for it on the way back down... that way if it develop into more you are covered....

It's always safe to be cautious and just wait for a good move down.

oops... see how caution is a good thing.... seems smart to wait for a lower low.. or even a lower high if it develops... but this is still a wedg pattern, the nominal disntace between the higher highs... shows the move is almost done.