I was just reminded today of how many people trade to invest but do not have the patience or the balls to hold a position when it goes against them. It is one thing to know that you made the wrong decision or trade and another to fail to follow through your convictions. This is why having the indicators in your favour comes to help save you from high risks.
Nothing has changed in the Trend. UP is it and ST signal told us this on the 2nd of FEB., a 50 pt move up to the top. Hindsight is a bitch, but this vs. the speculative urge is much more important to lower the risk of a loss.
The move down in intra-day has given us 3 waves thus far. The new high made today has broken the highs made in early and late January. This has taken the EW count from abcde to ABC (red). Elimination of the abcde count make things "a bit" clearer. We are still below the highs made in Dec of 2014 so it will be a bit of a grind till we get out of a trading range. Unfortunately, we can only know if markets are bullish "When" it breaks the high at this point. This is why EW needs to be fine tuned to see where to sit and wait and when to enter. It can be evident by looking at the charts that the past month has been a good swing or day trade, but range trading is equally as risky when you do not know where the breakout or breakdown will happen.
Yes, the PA is warning of downward acceleration. Confirmation of the ST will reinforce this.
I am setting a Bearish Scenario because the current move from the Dec 2014 high tells me so. Until this changes I am in favour of a bearish move.