The reason I was looking is the behavior of the 30 minute V Stoch this week. Since the excellent sell signal it gave Tuesday morning it kind of meandered around (with an upward bias) into this morning, all the while prices were collapsing Certainly seemed odd. The V Stoch has never been observed in a bear market until the last few weeks (it was developed in late January), so "normal" behavior is not well known.
Anyway, 30 minute V Stoch finally went into overbought territory today and subsequently rolled over, I put on a short trade which I held until 20 minutes before the close, covered right at the start of the strong rally that ended the day (timing was luck more than anything). Closed the position for fear of weekend hi jinks, I will possibly re-enter at the open Sunday. Note that the Buy line is trending up and the Sell line down, we are certainly due a bounce but need to be mindful of the possibility that we could be transitioning back to a bull market.
al, I think if you revisit the count you'll see that we may have just completed the green 3 and have to finish this green 4 up and 5 down to put red 3 to bed.
ReplyDeleteyou may well be right, but just pointing out the possibility. see you at hob!
Dark- you may be correct, there's a pretty muddy picture at the start of "green" 3 where I have a 1-2 labeled in black type, we'll know for sure in a couple days. The take away message here in either case is that there's a 5th wave or two yet to come if this count is correct. Note the "if".
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