Elliott Wave 5.0 "Reboot"

Tuesday, March 1, 2016

E-Mini SP500 Intraday Review: A Quick Look At the Other Side Of The Coin.



When I find myself too bullish then it is time for a reality check, meaning I have to look at the opposite side of the coin or trends and see if we have been duped by the bulls. 
Any impulse can fall apart very quickly and unravel as a complete surprise.  I don't like complete surprise moves, so it is always better to look for an alternate before the market forces us to.

In this case, I can with ease, create an ending diagonal in a "C" wave bull market,  from which a reversal would plunge the stock market into the abyss of pessimism one more time.  If it is going to happen, it will happen this week, and mostly likely correspond with the Friday's jobs report.

If the correction or a wild swing drops down too far, then the bullish game is over.  As I mentioned, in an impulse there is very little room to move off track and if I am wrong, then this market will only correct and keep right on heading north.  After all, it's the beginning of a new month and anything can happen!