- keeps on a chuggin'. Revised EW count for about the tenth time:
We are in Intermediate W5 (purple) from a low on Nov 29. Minor W1 (red) in this count was formerly labeled Minor W1 thru W4, mainly because the strong rally action of Dec 1 & 2 was more typical of a 3rd wave than a 1st wave. But the continued march to the upside has forced a rethink.
I've labeled Inter W5 as complete at today's high, but that is a longshot. More likely Minor W5 has longer to run. Likely targets are ES 1280, at which point Minor W2 through W5 will have traveled the same distance as Minor W1 (62.75 points), and ES 1297.25 at which point Intermediate W5 = Intermediate W1.
Hi Al. I'm currently shorting 20 year US bonds, the Euro & gold. I had planned to short gold for a brief time, but decided to hold the short longer. We'll see....My uranium and natural gas stocks went up today. Am unclear whether the divergence between gold and uranium/natural gas will last very long. Meanwhile the ES just keeps rising...it's been difficult getting a true handle on the ES (just can't be a blind POMO-bull, so I've been staying on the sidelines for now). CR was alot of fun.
ReplyDeleteWould like to have shorted gold myself, but missed a good entry, so treading water there, might short on a decent retrace. Meanwhile short silver. Took a small short position in ES yesterday on a long shot, tight stop and of course got taken out.
ReplyDeleteI've been watching PNFF (PineTree Capital) as a leading indicator on the SPX. We've had a couple of significant down days following a possible top. We'll see if it confirms by breaking below the reasonably apparent lower trendline. I have not ran any statistics on a time-adjusted correlation between PNFF and SPX, so I'm not claiming that there is a legitimate correlation. Time will tell if it is a useful barometer for swing trading.
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