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.. IMPORTANT !!! .... doing some research on the most likely bearish count I have to give some serious thought on this picture ..
.. if wave [2] is complete and it sure looks complete in this chart the final 5 wave structure C of [2] which is truncated in the SnP and Dow is the pattern that closes the correction [2] ..
.. if this count comes to be the correct we should see some weakness at Monday open and I would advise to close longs in this case ..
.. so we have charts that say we are not going to crash next week .. but in the other hand this chart is very bearish and has perfect patterns ..
.. Monday open can be dramatic ..
.. have to keep one eye on the cat and the other on the fish ..
.. some considerarions ..
.. following our method of looking at much indexes as possible to disclose the most likely count we have the FTSE chart which gives us 3 basic informations :
1) the extension count all the way down is a terrible count
2) wave 4 and then wave 5 to complete wave [1] is also a terrible count even using the leading diagonal argument .. it's a terrible count ..
3) at best for bear counts where I label C (blue) it could be already wave [1] completed and in this case we have to wait for a wave C of [2] .. so up we go short term ..
.. said that next week we will not crash .. there will be red days and green days and we will have to track them to see how the picture unfolds ..
.. extreme bear analysts which have been propagating a crash to happen anytime soon already started to come up with the "magic" counts since the extension has become a disastrous unlikely forecast .. just seek around the blogosphere and check .. one thing they have in common : the majority look at only one index ..
.. I think we will probably crash this year .. but the setup will be clear .. so it's not going to happen now ..
