Extended becomes more extended what more can we say. I really wish there was more to say but there really isn’t. From a daily perspective we are currently in no mans land with nothing but resistance levels ahead.
IF you are not there (long already) don’t get there as you are late to the party. The party (as usual around these parts) started in the face of fear. Now? Just scraps in the short term on the buffet table are left. Lets see if in the next few days the caterer can bring out some more food.
12-5 Up up and away it seems. Could we keep going? Sure, but as for any low risk entry points to be had on the long side that we don’t have to chase? FORGET ABOUT IT sayes our little green friend. We don’t chase buses. Especially if you are a gecko as it usually leads to splat. Tomorrow we’ll talk wave counts. Bullish and Bearish. Make sure you brush up on your 3′s and 5′s. SHORT SIDE WATCH LIST
12-5 This is a WATCH LIST and we stress WATCH. DO NOT SHORT ANY OF THESE NAMES JUST YET.
Over the weekend in the change in trends section we said:
Keep in mind that these names are still in the 5th wave up. This also means that they could breakout into new highs. To the novice IBD type person that would be a breakout to buy (of course in keeping with the trend of gaps and go odds favor they breakout in the form of a gap assuming that is what takes place mind you).
DO NOT even consider that as we’ve seen in detail what has been happening to breakout buyers who operate from looking only at patterns in a sideways horizontal fashion verse multi-dimensional like we do. Not to mention as shown above in the index charts after a gap up they tend to go nowhere right after. Just saying.
All of which makes me say for the most part these issues are toast going forward and will end up topping out and stalling up in here. Said another way, the party ends are midnight and its 11:30 PM with these
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