overall I can't draw a chart that is convincing either way.
One can say that we successfully retested the low again, and it's time to check out the top.
One can also say that in the costanza world follow through is foolishness.
I did like how bearish everyone was on fastmoney lastnight, they were equily bearish today...
mackie's sugjestion was buy the open sell the close.
New years is an inflection point...
The trend of today should follow through tomorrow... after that I don't know. that is the inflection point.
Like I talked about the "Jan effect" could take us into jan...
I don't have a problem Faiding the fast money crowd, cause they have never anticipated anything.... OK, there was a point where everyone was correctly bullish on biotech pharma..... But 1000 typing monkeys...
I think it's worth testing Being long into either new highs, or into Jan 2 or 3rd....
In EWT we are in wave 3... so we need to see some weakness before becoming bearish...
Tuesday, December 30, 2008
So
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Wave 3 beginning at 1:30 pm yesterday? Or something more long term?
Yes.... I'm cheating you by not trying to chart it...
The POSSIBILITY(let me stress this, I'm hyper cautious) of the low we had being a Wave 4 of an uptrend since, november bottom.
Now this wave 3 being part of wave 5 of that uptrend....
Then into the NFP, and warning and earnings season, we may then get a "Correction" after this uptrend ends..
But Maybe what we will have is no new retest until after May.
But... Like I said, Jan 2 will be an inflection point, If we go up that day we will go up for a few more days, or for a week...
but that next week will be NFP..
Also, Traders have sold the first of every month for Nearly a year(Don't backtest that... maybe it was only the last 6 months)
Regardless, Traders talk about a "Momentum High" then a "Secondary high" in every trend... seems like we are still in the Momentum move.
there I posted you a chart
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