Wound up market...."the thing of beauty view"
I was thinking last week that we might have been winding up some 3 waves but it bacame uncertain to me and I excited puts. Then we began to move South again and I opened new position.
Today I am convinced that we actually may have begun the 3rd wave around 1980 ish a week ago Monday and once again began to wind up some overlapping 3rd waves. One way I count it we are perhaps completing 3.3.3.4 bounce this afternoon with some more unwinding yet in front of us.
Always uncertain about these things, but I am certain we have penetrated below the Trend line from forever following the rising lows.
We may very well finally get that long awaited 10% correction in the SPX, among other things.
I've been a little shy about bringing it up, but someone opened that can of worms today. Sometimes when I discuss it the market does it's contrarian thing and goes the other way....might be doing that this afternoon. Time will tell us all.
Chuck
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