This weeks corrective rally is again a similar theme of weak conviction to buy with no urgency to fear missing out.
Lower highs and lows clearly define the down trend, trends always breakdown...this one will be south. Price action is overlapping, chop and lack of demand to propel the start of a real run upwards.
Again today we are at a juncture of a formed trend line and a retracement counter rally which is begging to be sold. How much evidence will these markets absorb that something sinister is occurring to the economies of the world?....so far it's an orderly collapse. Stair step down with a scattering of brutal days followed by zigzag counter rallies which serve up the next meal for the bears.
At some very soon point, the towels will be thrown and a proper capitulation will release the bulls sell orders into the abyss.
The Fed's chatter of rate rises will not materialise...they will reverse their demolition talk as markets hemorrhage.
This coming plunge will usher in another QE infusion...that and rate rise abandonment will ignite precious metals into a frenzy...and the Fed will be mud.
Again another short opportunity presents itself, bulls hopes are clinging to the cliff edge right now...one more economic kick will be too much to bear.
Appreciate a thumbs up...Good Trading!
Lower highs and lows clearly define the down trend, trends always breakdown...this one will be south. Price action is overlapping, chop and lack of demand to propel the start of a real run upwards.
Again today we are at a juncture of a formed trend line and a retracement counter rally which is begging to be sold. How much evidence will these markets absorb that something sinister is occurring to the economies of the world?....so far it's an orderly collapse. Stair step down with a scattering of brutal days followed by zigzag counter rallies which serve up the next meal for the bears.
At some very soon point, the towels will be thrown and a proper capitulation will release the bulls sell orders into the abyss.
The Fed's chatter of rate rises will not materialise...they will reverse their demolition talk as markets hemorrhage.
This coming plunge will usher in another QE infusion...that and rate rise abandonment will ignite precious metals into a frenzy...and the Fed will be mud.
Again another short opportunity presents itself, bulls hopes are clinging to the cliff edge right now...one more economic kick will be too much to bear.
Appreciate a thumbs up...Good Trading!
Comment:
Today's move has changed the wave count somewhat. A counter ABC up move looks in place since the 20th and wave 1 down would have completed on the 20th and wave 2 up in progress..an ABC. This is corrective and will conclude to resume the bear market and wave 3 down coming.