...well.... a wave 2 bottom... SHOULD end where today bottomed....
..... IF it is a wave 2 bottom.....THEN it is the safest long entry you can ask for over the long haul.... because you will NEVER get stopped out....at least for a possible year anyway....
....if you take a look at that last chart i posted about the 38 day cycle....you will see numbering on it....
..... 5 waves up .... where wave 1 and 2 are not visible in that time frame....
.... and then i posted another chart of a bullish M ... BEFORE today's action.... showing the best place to get long... either 127% or 161....
.... then i posted again about hitting 127%
.... on top of that.... if today turns out to be a down thrust... which it looks like it will be.... then the implications are obvious
.... in any case.... it should be obvious from here on out....because the market should reveal itself pretty quickly from here
.... the characteristic of a wave 2 bottom is that... EVERYONE wants to be short.....and that wave 2 nearly erases all of the gain from wave 1....
....IF THIS IS NOT A WAVE 2 BOTTOM.... THEN WE HAVE A LONG LONG WAY TO GO DOWN FROM HERE ! :0)
...if this is a wave 2 bottom... then yesterday's massive drop will be erased in short order......just watch what volume does on the close
....whether it is a wave 2 bottom or not.... the point is that you just can't pass up the opportunity to get long on a possible wave 2.... because the risk to reward is too great....
....price and volume action should be telling on the close
....edit... not trying to tell anyone what to do.... just expressing my view of the market...
.... about the wave count....
.... i saw two sets of 5 waves down on the daily... a complete cycle.... the last 5 waves i posted as "?" :0)
.... edit... i am not referring to any intraday entry here... LONG-term but with no possible stop-out
.... sorry Mu for the long post here
Quote from ed:
Can you share perhaps a daily or hourly chart where you think we are now? I just cannot see any reason to be long...
