Wave A of ABC correction is over or almost over with another very minor low in an Ending Diagonal.
A sharp 61.8% relief rally is extremely close - either Friday or Monday.
Sentiment and Breadth Bearish Indicators are at an multi-year extremes.
Take your pick.
Sentiment Composite Index below 10, Mclelland Oscillator, Dumb / Smart Money, CNN Fear / Greed Index etc.
Sentiment indicates we are at or within average of 1-2 days of a low.
RSI on daily and intrday at very oversold levels which doesn't mean much without confirmation of a rise.
Confirmation should come with a 5 wave rise and a 3 wave retrace on short-term intraday timeframes that go above the upper trend line of ending diagonal wave 5 and hold on a retrace to test that upper trendline (ideally above 8445 wave iv high) of the ending and a strong up candle after.
Zerohedge is reporting that Israel might have a vaccine for the coronavirus "within weeks" by MIGAL (The Galilee Research Institute). If true this could provide the excuse needed for the coming rally if the market picks up on it and it is verified.
Going LONG at these levels should be a safe bet to ride out the coming wave B of the correction.
A sharp 61.8% relief rally is extremely close - either Friday or Monday.
Sentiment and Breadth Bearish Indicators are at an multi-year extremes.
Take your pick.
Sentiment Composite Index below 10, Mclelland Oscillator, Dumb / Smart Money, CNN Fear / Greed Index etc.
Sentiment indicates we are at or within average of 1-2 days of a low.
RSI on daily and intrday at very oversold levels which doesn't mean much without confirmation of a rise.
Confirmation should come with a 5 wave rise and a 3 wave retrace on short-term intraday timeframes that go above the upper trend line of ending diagonal wave 5 and hold on a retrace to test that upper trendline (ideally above 8445 wave iv high) of the ending and a strong up candle after.
Zerohedge is reporting that Israel might have a vaccine for the coronavirus "within weeks" by MIGAL (The Galilee Research Institute). If true this could provide the excuse needed for the coming rally if the market picks up on it and it is verified.
Going LONG at these levels should be a safe bet to ride out the coming wave B of the correction.
