Looking for something bullish, but I can't find it. My best count is that we are in the process of completing a corrective B wave (targets shown on Fibonacci retracements). I'm posting daily an hourly charts to better illustrate my thesis. Wave A, subdivided in 5 minor waves, has an unusual extended 5th wave, which is in standing with Nasdaq behavior. The main reason I believe that the recent decline was only a wave A, is the lack of divergence, suggesting the bearish stance has not run out of momentum (as seen with the RSI) but is merely drying it's powder for the bigger move to come. Again, targets shown by Fibonacci extension. I've included a 65 day MA (Quarterly MA) to my preferred 10 and 21 period MA. I'll explain this in my follow ups. How to play this count: scale up as the wavecount unfolds, that is, start slow then incrementally build up positions as it goes. Always keep at least a 30% of positions protected with trailing stops .... at least. I think Wave C will be a vertical line down, no chance to breathe. For now that is all.
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Still my preferred wave count. 1.382 almost reached. If this is a B (and it is behaving just like a B), this market can turn on a dime. Extreme caution.
