The confirmation came today for the positive divergence I saw yesterday. The incline up throughout the day was choppy at best, but still managed good gains. While I did see it as still a corrective move, the signals this morning showed an OB environment which caused our extended run up. Corrections do travel impulsively as well. This is why we need the signal to show us an exit point regardless if the price movement behaves like a correction. Never take anything for granted, as wave counting or pattern recognition is never a sure thing. Signals however are, regardless if it's temporary or prolonged.
SEN: Bearish
ST: UP
PA: NA
The ST has turned up yet the sentiment is still "Bearish", so I would classify this as an up trending on a bearish market, and this can also be confirmed with our weekly chart showing a print to the downside. Therefore any surprise risk is always higher to the downside.
No comments:
Post a Comment