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Mid-Day Update

Posted on the 14 December 2011 by Phil's Stock World @philstockworld
Yesterday we said: The big question today is if yesterday’s weakness WAS the end of the C wave as shown in the short term charts. We’ll know in the next few days. Quick answer when looking at the charts below obviously says no. However here we are tracing out an abc down of c as shown below. Funny thing about waves and moves. One can know per a particular theory as to what wave we are in however nobody knows just how far that move is going to go.  Mid-Day Update  Mid-Day Update Moving on to the bigger picture, lets take a look at what is causing all the ruckus.  I’m not willing to go out on a limb and say we are in defcon 2 or 3 as when I look at the two charts below I see structure that tells me otherwise.  Mid-Day Update  Namely the Euro has 5 waves down with this being an ending down wave. And then we have that major support level as shown in blue.  So should we short the euro and buy the dollar? Should we short something that has been falling for the last 8 months?  Not me, I know better than to show up at a party late and I don’t chase buses. So if I’m not willing to chase that bus here on the shortside should I chase the bus on the chart below on the longside also knowing its got 5 waves up and in an ending wave here?  Mid-Day Update  And on top of that hasn’t a trend been dollar up stocks down? So if the dollar is in a 5th wave which is an ending wave what does that say about stocks right here? Or more importantly about shorting or stopping out of stocks right here (Think JOY)?  Also over the weekend we talked about the triangle and how a possibility was that we could pullback  for a number 4 as shown below and sure enough here we are.  Mid-Day Update And while I’m at it see today’s lows on the NASDAQ comp.? Know whats so special about them at this moment in time?  From the November lows to December highs today’s lows are

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