4 Dec 2015 - Reversal Of Fortune

Markets rally, but are the jobs numbers believable? Today's move shows exactly what you believe to be true does not reflect the sentiments of the market.  You are a grain of sand in a sandbox, and the collective needs to be in sync with your views for your trades to work.  This is why I prefer to just follow the indicator to show me where the major sentiments are.  Following the herd is not a negative, just don't follow them off the cliff or to the slaughter house.

The triangle pattern I drew last night still looks good, but the impulsive move today will give us some doubt due to the fact that triangular patterns are usually a sideways affair.  A possible 4th wave low could already be in, but we also have numerous options that could still play out that puts price lower.

We can see a bullish view on a weekly basis supported by the 75 weekly MA (2040).  This level needs to break and prices need to stay below this for a longer term bearish look.  I will look again to our market sentiment this weekend to see if we are possibly crossing into a bullish market or just retesting that bullish range.

SEN: Bearish (Risk of turning bullish)
ST: DOWN (Impulsive move today will cause ST signal to lag.)
PA: UP ( From Down 2 days ago to Up just today alone, volatility does not disappoint).