Friday, August 10, 2012

ABC Friday

Last night, I followed an ABC move down. In a post at Cobra's blog, I cautioned folks that what goes down comes back up. In this case, I was expecting an ABC move to the upside.

The move started at about 1392 this morning and then spent most of the early part of the day in a choppy B wave. At around the time the C wave was to start, I shot out the following chart

I have been feeling poetic since the morning so I composed a small poem in anticipation of the C wave to the upside

Cometh the happy hour
Hail the HFT power
Stops popped, the sheep rollover
Wolves rule, game over.

The day ended with the wave C to the upside in its full glory. Love short squeezes.

So, here we are. Is the wave C finished? I was really looking forward to 1404+ as would complete what I see as an Ending Diagonal allowing the markets to come down from the skies. Nothing, other than EWT to say that there is a possibility for the market to come down. It could happen that this last wave extends but for some reason, I am not feeling bullish.

BTW, that means nothing, as I try and trade the tape rather than feelings.

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