Although the cash S&P500 exceeded the June 12 low by only 0.79; and then rallied to close higher, it means our analysis has stepped off track and a revision is called for. It is now clear that the larger wave iii or c has not ended.In the short-term we need to see whether the reversal yesterday will stick. As the attached revised wave count shows we now need proof that the fifth wave (blue v’) down from the May 29 high has ended.
As for me, although I still think we are in the process of making a short-term low, I will wait for today to play out and have a look at the weekly chart this weekend before I get bullish here. Failure to hold yesterday means that risk still remains to the downside.
No comments:
Post a Comment