And now I have a few reasons to expect downside move, which is correction of the upper "correction of the correction".
I think became too complicated.
- First one is a huge divergence to many indicators and price movement on daily base MACD,RSI, etc.
- All that straight rally hasn't got it's big enough correction ( 06/11/2009-07/08/209)
- The bulls advanced to 52.2% from 48.4% a week ago. That is the most long-term optimism we’ve seen since December 2007, when their number was retreating from 62.0% shown at that October’s all-time market high. A year later at the first bear market lows the bulls had slipped to just 22.2%. Advisors Sentiment Table
Date
DJIA
S&P 500
Bullish
Advisors %
Bearish
Advisors %
Correction
Advisors %
Tue Dec 15, 2009
10,501.05
1,114.11
52.20
16.70
31.10
Tue Dec 8, 2009
10,285.97
1,091.94
48.40
16.50
35.10
- We are very close to end of Fibonacci 3th cycle on the chart (orange dotted vertical line)
- I think we have 5 impulsive waves down.
To many reasons.
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