OK, wrong, wrong and wrong again, all After Bell Quick Summary this week were wrong, the market simply ignored all the odds for green days. Is this another signal of trend change?
I don’t know if you still believe the next odds anymore – very very bullish Monday plus according to the Stock Trader’s Almanac, Monday after the Mother’s Day, Dow up 12 of last 14.
The bottom line, the chart below doesn’t look good to me, seems a Symmetrical Triangle is in the forming which most likely means we’re still in a wave 4, so there could be a final wave 5 down before we could see some meaningful rebound. And after the rebound, since the down momentum we witnessed this week was so strong so there should be a 2nd leg down to test the panic low, either forming a lower low or higher low, not until then would I seriously consider some long positions.
Have a nice weekend!
Disclaimer
The information contained on this website and from any communication related to the author’s blog and chartbook is for information purposes only. The chart analysis and the market recap do not hold out as providing any financial, legal, investment, or other advice. In addition, no suggestion or advice is offered regarding the nature, profitability, suitability, sustainability of any particular trading practice or investment strategy. The materials on this website do not constitute offer or advice and you should not rely on the information here to make or refrain from making any decision or take or refrain from taking any action. It is up to the visitors to make their own decisions, or to consult with a registered professional financial advisor.
This websites provides third-party websites for your convenience but the author does not endorse, approve, or certify the information on other websites, nor does the author take responsibility for a part or all materials on the third-party websites which are not maintained by the author.
