The SPX cash has broken above the .780% ret. but the Futures is exactly right on it and holding as I write this. The cash made a lower low from its Jan 15th low, yet the futures did not do this. A disconnect is what I see. As we guess what the markets are doing, we did see the ST turn UP this morning, therefore a bullish trend is in progress. Patience is the name of the game here I suppose for the bears..
MT: DOWN
ST: UP
PA: UP
11am update:
No not Elliott Wave, but wave E of an abcde. Is this the formation that the bears have been waiting for? Or maybe only I have been the only one waiting for this move to happen. I haven't seen wave E's being thrown around out there, but we shall soon see how good this count is.
The top today hit at its .780% ret. described
HERE.
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