Saturday, February 20, 2016
My call for lower levels has certainly been fulfilled and the wave count down does not appear fully developed, suggesting at least one more attempt to the downside. There are been two attempts to take out the 1800 support levels that have failed and resulted in over 100 point bounces. However, one more downward move suggests that 1800 will be targeted again, and this time it will be taken out. Once that floor is removed, I'll be looking at the 1700 level to provide support and perhaps put an end to the selling. A rally about the 1970 area might negate the bearish outlook. Until then, I'm looking for short term shorting opportunities, and right now looks like a good time to do it.
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.