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Thursday, October 22, 2015

Thursday, 10/22/15 update

How does that saying go?  Better to remain silent and be thought a fool then to open one's mouth and remove all doubt.  That applies very well to yesterday's post - talk about being dead wrong.

With today's strong rally it has to be recognized that the bull alternate is looking much more likely.  In the ES we're 230 points up off the August crash low and (as of this writing) around 75 points away from new ATH's.  Possible EW count looks like this:


I have to admit this possibility really irritates my bearish inclinations.

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The Futures Oscillator presented on this blog a little while ago is showing an interesting piece of behavior.  This tool is very new and I've only been using it for a couple of months.  It's lows in that short period of time have often been in the form of spikes, and more often then not they are pretty good places to go long:


 

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