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MARKET MESSAGE: 5/14/19 by Woody Dorsey:
"Sentiment is coming in today at 1%. The lowest in some time. It best fits with further basing and ounces to set up the next tactical sell set up next week or so. Some feeling better or feel good behavior is due." The technical pattern is also suggesting the same road map, with a potential inverted head/shoulders pattern. Whether the lows are in place or not, remains to be seen, but yesterdays lows fulfilled our pullback view we have been warning about (23%-38% retracement) I am not saying we can't take out the lows, Mr. Market will let me know that soon enough. But if they are the lows, it would make perfect sense-hence the reason we close 2/3's of our short position near 2810.
I am not sure if I mentioned this in one of these posts or to premium members, but I said "as sure as I am that the sun will rise tomorrow, the pullback will end with extreme sentiment" 1% sentiment readings were seen yesterday and for at least the short term, the lows are in place. The bulls need to get above the 2860-2870 to get themselves out of the woods for the short term. 2900-ish and then a drop to the 2860-2840 range would form the right shoulder if they are going to try and form an inverted head/shoulders. I have no idea whether they will or they won't, but I have seen plenty of lows formed with this pattern. If history is our guide, the gaps above will get filled before we see the next intermediate term drop hit. REMEMBER, THE "KILL ZONE" IS APPROACHING, BUT NOT HERE YET! THIS WAS JUST A PREVIEW OF WHAT'S COMING! Stay tuned and please don't assume anything! The markets get very tricky just before we have a reversal.