The downtrend we were looking for did not materialize and the ST have moved to an up-trend but still in Oversold territory. The bearish counts can be counted as and ABC still and would need higher highs tomorrow to negate that count. The Jobs numbers comes out tomorrow and will be a market moving event. So be on guard. Ultimately though, even if our short term is up trending, our Main trend is still down, and would need for our ST to move up above oversold range.
MT: DOWN
ST: UP (Still OS)
PA: DOWN
The reason why I am still stubbornly bearish is because the patterns made from 4th to 5th of Feb. does not look like a bottoming pattern. Now I have said before that EW is not something to be relied upon on 100% and I still do think that way, so I am using the ST as an exit point if it stays up tomorrow and comes out of oversold. Otherwise I am still short with cushion.
Courtesy of Gordon T. Long at
www.gordontlong.com
http://static.safehaven.com/pdfs/triggers_2014_02_05.pdf
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