Tonight's blog post will be brief as the price action that transpired today didn't bring further clarity to the overall wave count. The fact that the market has moved sideways further muddles the wave count.
I have looked at the structure from the 1097 low for over two hours and I can count it a number of ways. All counts leave me with a degree of uncertainty. So while I have published what I would like to see happen, we must be open for other possibilities until the count becomes clear.
Trading Tip: If you can't identify a pattern within 1 minute or less - forget about trading it. Move onto the next market.
What remains clear is our bull/bear lines in the sand. They are:
Bullish : above 1152.25.... possible resumption of bull trend.
Bearish : below 1170... resumes trend down in a possible fifth wave.
Disinterested : in between 1170-1152.25 with a possible top btw 1225-30 for aggressive traders to look for failures.
So for tonight, we'll take a pass and wait to see what happens in tomorrow trade. There's nothing else to do but step aside and wait. Should I see an identifiable pattern develop, I'll discuss it immediately.
Until then...
Best of Trading
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