Troubling is that wedge that set up. I could talk about ABC corrections. Bla bla bla.....
Think someone is going to jump into the market long here?..... We can hope that this rally is short lived... I expect us to go through that support in short order.... But Only price pays....
We do some wave counts... Assuming up futures, this will sell off this morning, move back Toward that lower support... Then I expect yet another Rally "Wave 3".... That is what the Theory says.
We should get a correction, then another move up, Then we should develop another wedge... Maybe it ends tomorrow.
But, Regardless, The broader trends tend to accelerate, so it is time for this to accelerate as much as people want to talk about "Range bound" and moving sideways.... It usually doesn't happen.
As much as we want to believe this storm will repeat, "Katrina" the highest probability is that it Will not.
I wanted to run this morning..... I may escape at the open and come back a bit later.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Wednesday, August 27, 2008
Not sure I mentioned it
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