Friday, September 25, 2015
Not much to write about as the S&P's have been consolidating sideways for several weeks, waiting for the decline to a new low for wave ((v)) or 5. It's certainly not pretty, but the count remains valid and the sideways chop can break down into a WXY combination correction, with the X wave being a triangle.
I still like the overall bias being down and for the wave ((iii)) low to be broken before any meaningful rally will occur. So I continue looking for shorting opportunities for day trades, and holding short for swing trades.
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.