On the bullish side, we have a W pattern that has formed and triggered. We also have your garden variety indicators like MACD, etc. flashing a buy signal on a daily chart. Whatâ€™s very possible is a move to 1420ish as we suggested yesterday. This correlates to 840ish on the RUT. On the bearish front, we are very near a complete wave count on an hourly chart. We also have the monthly chart and how thatâ€™s setting up to suck in as many bulls as possible. Likewise, there is no evidence of acceleration despite the rising prices. We have to remember weâ€™re technically still in a 4th wave, which historically have inflicted maximum pain and confusion on market participants. Only after we see 1422 exceeded by a good 10 points or so will anyone, with any degree of confidence, state that 4 is done. So we still have questions, even with the rising prices.
Mario Randholm Blog. Mario is the founder of Randholm & Co. S.A.C., an investment management company dedicated to producing superior returns for its clients and employees by adhering to mathematical and statistical methods.