Last week I said I hoped to get a daily reversal pattern to feel confident in getting short on the expectation of Minor wave 2 topping. I wasn't fortunate enough to get pattern. But the follow-through weakness to the downside today suggests Minor wave 2 has already topped. It will be confirmed, in my view, on a break below the first (b) wave low. But I will try to get short every chance I get regardless. My stop is just above 1380.39 since that is the level that needs to be held for the above labeled wave count to remain intact.
Bottom line: I'm shoring rallies, and any good opportunity that arises, with a stop just above 1380.39.
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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.