Groundhog Day

I had barely pressed the Post button yesterday when my analysis got thrown out the window.  But at the risk of sounding nuts, I'm repeating it.  Futures are up yet again when the market pattern suggests free fall.

The expectation . . . is that price will . . . continue in the direction of the trend (in this case down) and complete another down leg equal to 1.618X the previous leg (in this case targeting 1318 or 1300 respectively).  Therefore, to see the futures up strongly this morning constitutes a failure and calls for a new expectation. 

I did not do a thing yesterday.  The pattern was so confused the neither upside nor downside expectations were met.  I sat on my hands.  And until the market fulfills either an upside or a downside expectation, or breaks a pattern, I will continue to do nothing.

I do feel though, that with the current wave count suggesting straight down, the market is having some issues confirming it.  There is nothing I'd like more than to be proved way way wrong and have 1292.66 collapse in panic selling.  It's just that I'm not seeing it yet.  And that's got me on the lookout for a trap.

Perhaps this is the market's way of fooling me.  If so, the Minx is doing a great job.