This wave count using closing points on the 1hr time frame is tracking well. Friday's fractured market, as I pointed out, was a good indication that a top was in place as Monday and Tuesday this week has shown significant weakness. And after two days of heavy selling, the bulls managed only a modest float rally higher. Not good for the bulls. Friday is the big jobs report in the morning, then on to the 3 day Labor Day weekend, so I expect the market to probably float around sideways to slightly up Thursday, then huge moves Friday morning after the jobs report, then volume and volatility should taper off significantly after a few hours of trading as traders take off to enjoy the long weekend.
The wave count suggests a major declining phase is underway and that I should favor the downside for my trades in stocks and their derivatives.
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.
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