Did you made some NYSE:S too following my posts? Great. But... ...now is the time to beware of the slingshot.
See, price has fallen quite nicely and we are all happy campers. Now we have to defend our short position, the ground we gained. And here's why:
Although price still trades within the red down-sloping Fork, there are some signs that, soon price has reached it's Max-Stretch, which is when P5/0 is in. Could be at the sliding parallel below the Center-Line, or if a little panic hit's the Market, at the L-MLH.
From there, the swing count start new, but this time to the upside.
We know that if price zoomed through a Center-Line, the potential for a pullback to it is a given fact. From there, price could continue to the downside, or jumps above it and closes above it. That will be a very obvious sign that price has turned to the upside-swing again.
Facts: 1. Price has reached the red CL 2. RSI is oversold 3. P5 could be in 4. POC of the Volume-Profile acts as Support
On the Weekly picture, price still has a long way to go, until it reaches the Center-Line of the Pendulum-Swing Fork. At the time of this writing about another 400 Points, to 3800/3750.
For now, just be alert to protect your profits. Remember: You can't always eat the whole Cake! Better letting the S&P500 reload and then shoot from higher levels again and give our self another Christmas Gift. §8-)