Do You Chase It?

The SP looks quite impulse like on the downside and it sure started down from the right place, see
Equities Revisited BUT..there are alternate counts ..like the leg down is part of an expanding triangle correction and one more high to go...see Daneric's ...However..the consequences of NOT treating this as a likely top in are HUGE .

click to enlarge

Given the overlap, a pullback to at least 1144 is a high risk, and THAT would only be a modest correction to the very last leg up. This is a sell the bounces situation...1198 is the current .618 retrace of the last leg down.
Chasing it with tight stops is probably justified.

The WTI is more problematic. The chart is not as clean as the SP ....but it WILL follow.

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