I'm actually becoming more bullish by the day. I've seen this play before. P3 Crowd, "It's just another 1-2, the third wave down is coming..wait for it...61 retrace...78 retrace...double top... It's played out a couple times since the 09 bottom. Maybe it takes a couple falsies before the real happens, but I'm not waiting for that. When volatility gets extreme, as it has of late, it's time to shorten your trading timeframe. I don't know what's coming next, but I have some ideas.
Until the yearly close I won't know what the future years will bring with what a trader can claim as certainty. Certainty for me is conviction of over 51%, and a year end closing level will give me that. Until then, I trade short term until something catches my fancy. For now, I am bullish, save a short term pullback in which I'll buy call options and short the whore known as TVIX.
As of the charts:
Daily Swing: On buy since Monday
Hourly w/ Indicators: Hourly indicators rolled over to sell today = Bearish
EW Count: Wave 3, i or C topped today. Looking for pullback to 1225/30 area for 4, or 1220-1190 area for B or ii. (i,ii) very bullish count, which I'm kinda leaning toward now.
Subjective Personal Thought: If the market is going to put in an elusive P3 it will be to the upside.
Unbiased Forex and Equity Swing Trades
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