Not much has changed from what I posted in my week in review. I still am expecting volatility and a new high. A break below 1167.75 would negate the immediate upside potential. Should a new high be struck after the FED's announcement, I am not expecting a sustained rally. If so, my analysis of the wave structure is incorrect. If I'm right, there's plenty of downside potential to cash in on. Bottom line, I'm not to eager to jump right in. I've been this way for what seems to be an eternity by now. My patience will pay off.
Here's the market's position as of the close of today:
Momentum Indicators: OB on Weekly and Daily. 60 min chart was slightly bearish but held what typically is support in bull markets.
Pattern: final wave.v of wave.c of wave.2
Time: No change from previous comment.
Trade Strategy: Remain flat past news events but looking to establish a bearish position as 60 min momentum indicator reaches OB, then makes a bearish reversal. Price and the wave count should confirm a top is in place.
Best of Trading
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