Market Thoughts and Analysis: The Next Moves
The bulls have been fully in control the last several days. Based on momentum it looks like the bulls will be driving the next couple of days as well. I have some counts and theories to how long the current rally will last and the rough timing for a correction and well as some updates to my intermediate counts. Let the speculation continue ! ... :)
As I communicated in my last post, I got out of my shorts. I am currently neither long, nor short. 100% cash. And while the bulls are, well, bullish and goring runners (bears) like it is Pamplona, I think this particular leg of the rally will end soon (next couple of days), but more importantly it will end abruptly. I would definitely not entertain opening long positions here (personally), and would much rather make my next play a short play for the correction of this leg of the rally. This is not advice, just sharing thoughts on my own moves . I think we are in the final A-B-C of the current triple zigzag of Primary Wave 2, where the current rally is Wave A and we are nearing its completion. With my 100% cash position, I will probably play Wave B short (not going all in short here, because the overall momentum is decidely with the bulls here which will make for an unexpected end to Wave B).
Links are still messed up in the main post, so continuing in the comments section.
.... continued in the Comments section ....