Cobra's Market View Private Messaging System shows:
OK, wrong, wrong and wrong again, all After Bell Quick Summary this week were wrong, the market simply ignored all the odds for green days. Is this another signal of trend change?
I don’t know if you still believe the next odds anymore – very very bullish Monday plus according to the Stock Trader’s Almanac, Monday after the Mother’s Day, Dow up 12 of last 14.
The bottom line, the chart below doesn’t look good to me, seems a Symmetrical Triangle is in the forming which most likely means we’re still in a wave 4, so there could be a final wave 5 down before we could see some meaningful rebound. And after the rebound, since the down momentum we witnessed this week was so strong so there should be a 2nd leg down to test the panic low, either forming a lower low or higher low, not until then would I seriously consider some long positions.
Have a nice weekend!