Obviously this interpretation is somewhat subjective but it's not based on looking at this chart alone. If this is right we should see some upside in the next few days followed by more downside. The ultimate bottom would be still 3-4 weeks off. I don't think it will be a lot lower than the wave 3 lows. E-Wave suggests the lowest it will go is about 1225-1230. If that is exceeded we need a whole new wave count.
There is a risk of missing the bottom here. I've posted a lot of bullish stuff recently. But I think I will wait till the next bottom on the weekly chart before taking on a lot more risk.
3 comments:
Howdy,
I just left a query/response to your comment about the non-borrowed reserves problem in the latest Fed stats over on Dino's blog.
I'd appreciate your take on my response, thanks.
The ultimate bottom?
A little early to be looking for that, IMO. We haven't had our depression yet.
There's not going to be a depression.
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