The headline on Marketwatch this morning said Futures Signal Buyers May Ease Back In. Trading is so easy even a journalist can do it.
Easing back in sounds like a complacent attitude. The right trade is usually a little scary. Even though I'm still on the lookout for a three-legged decline and eventual new highs, I do not feel that THE buy is here yet.
Yesterday was "a" buy. And I bought it. But I will sell it today. I view the sharp decline as wave A. Today's rally could be wave B up. A bounce into 1510-1518 would be perfect. Then a wave C could plumb for 1475 or lower.
However, since 1495.02 held, there is the possibility that enough buyers could ease in to create another sideways triangle before a final thrust toward 1550+. In this case the journalists would be safe. And correct. The question is, for how long?
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