There are no bulls or bears in the market.
Only wolves and sheep.
Friday, August 24, 2012
Divergence and Wolfe
Following a couple of opportunities to the upside after we put in what looks like an ABC correction. The first chart is a potential Wolfe wave on SPY 5 min chart. Target is a touch of the blue line. The second chart reinforcing this view is the divergence I see on the hourly ES chart.