Today we had confirmation of the trend reversal in the trend following model. But McClellan Oscillator is severely oversold.
So I am not sure if I should go short now.
From the TA point of view, it is quite possible that we will have a bounce and re-test of the previous high and only when such a re-test fails, we can be sure of longer term bear market.
I would like to draw attention to the last Friday's report where I had shown cases of re-test of earlier high.
Otherwise it will be a flash in the pan. Once we are confirmed of a bear market, we can expect it to continue for a while and not suffer whipsaws.
I would be busy with additional work in the office and that may lead to delays in writing the blog.
Thank you for sharing my thoughts.
From the TA point of view, it is quite possible that we will have a bounce and re-test of the previous high and only when such a re-test fails, we can be sure of longer term bear market.
I would like to draw attention to the last Friday's report where I had shown cases of re-test of earlier high.
Otherwise it will be a flash in the pan. Once we are confirmed of a bear market, we can expect it to continue for a while and not suffer whipsaws.
I would be busy with additional work in the office and that may lead to delays in writing the blog.
Thank you for sharing my thoughts.
Well, again - it's hard to buy here, chances are not going to be on buyers side. And if Apple cracks then all longs and btfd buyers just gonna be killed.
ReplyDeleteAnd it's just hard to image they will be able to push apple, priceline, burrito joint and other crap any higher.
Sorry to hear you may be posting less, but understand. I really enjoy tuning in often to get your take on things.
ReplyDeletebut if u look at India's Nifty after a fast rise in Jan -Feb we have something like a symmetrical triangle in place....and the picture is even more clear in DEFTY....the Nifty in terms of the dollar....its a PENANT .....and i think today was the last day of correction....Nifty should do another fast move to 5900 levels...
ReplyDelete