WE have 2 waves here.... the green one is the wave I've been calling wave C...the red one is Wave B. As I've been calling it
Bearish indicators:
.... the red down wave is longer in time than the green wave... showing more conviction.
The Green wave is very steep to the upside, showing short covering.. Especialy the first wave which is almost longer than wave 3.
In the green wave ....Wave 2 is fairly deep.
The red wave isn't as healthy as one would hope.... But we are in an uptrend and it should be Sickly... But still
Here is the follow through.... Wave 4 has broken the trend... it has yet to show us a wave 5.. and I don't think it will.... I think that is probably the "Top Tick"
So now I want to start looking for that "Failed Rally."
Accumulation/Distribution... you can see that we are getting mor MMMMMM patterns and less WWWW patterns This isn't Clean Distribution in a nice upside down 'U' format. You can also see the possibility of inverted head and shoulders patterns....... developing......
Now this could still have another high in it..... but we are starting to see a weakening pattern.
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