One other note. Today marks the eighth consecutive daily up close on the ES and NYSE (could be on other indexes as well, haven't checked), odds of another up close tomorrow are quite low.
Tuesday, March 9, 2010
Correction close?
Strong up today until lunch, then a strong down until 1/2 hour before close when we bounced. The EW pattern of the rally since 2/25 is starting to come into focus. If I've got it right, we finished the 3rd wave of this move at the high today and are in the 4th. I expect a sideways consolidation into tomorrow followed by a 5th wave to test and quite possibly exceed the Jan highs. On trading, still on the sidelines, the move from 2/25 is too long in the tooth to chase and haven't had a sell signal on my system from which to establish a short. If I'm right, that shouldn't be far away.
One other note. Today marks the eighth consecutive daily up close on the ES and NYSE (could be on other indexes as well, haven't checked), odds of another up close tomorrow are quite low.
One other note. Today marks the eighth consecutive daily up close on the ES and NYSE (could be on other indexes as well, haven't checked), odds of another up close tomorrow are quite low.
