My patience is running out for the wave count I’ve been tracking to be held with a high degree of confidence. The Minute wave ((iv)) is getting quite long compared to Minute wave ((ii)), especially since Minuette wave (c) hasn’t even started yet. The other problem is that when I count it like I am above, then Minute wave ((iv)) is quite small compared to Minute wave ((ii)). So, neither of these counts are very appealing here. The market won’t unfold perfectly though, so I want to remain flexible. At this point in the market’s rally I’d be very cautious if I were a short term bull though. And short term bears should be gearing up for opportunities to get short this market. Today’s sharp afternoon selloff MAY be a sign of further selling coming up this week, so be ready. Depending on the speed and strength of the decline coming, I’ll be able to put one of these counts as top choice over the other. But for the short term, no matter what the count is, the market looks very toppish at the moment.
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PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.