Just as a point of order, a NYSE McClellan Summation Bull Market Signal was generated last week...the first since January 2016. Add to that the Zweig EMA and SMA breadth thrust signals that were generated last month, the bullish pattern complexity of the NYSE MCO since the Christmas Eve capitulation lows (which saw new all time low readings in many breadth and volume MCO's), the highly negative sentiment at that time, and the new all time highs in multiple A/D lines just this past weekend, and that's a whole lot of analytical evidence going against this call.
Of course, it could be different this time, but the odds of that happening are less than 1% given this same list of breadth and sentiment dynamics. Furthermore, if the traditional NYSE breadth MCSUM takes out the summer highs of 2016, *da cheif* is going to have the last laugh on his Elliott Wave analysis.
Fib
It may turn out this rally is fooling only me in my overall bearishness , but as we know...when it comes to swing trading as long as one is on the right side of the NYMO/NYSI all will be well.
Been long in one thing or another since this BLOG POST.
TQQQ and TNA, my favorite leveraged ETFs, are up 43% and 67% respectively. Sweet, Sweet.
And the marijuana stocks' which popped up in the weed patch as far back as AUGUST OF LAST YEAR have held my attention off and on since -- MJ, the ETF for the sector, is up 47% on this swing. Sweet Mary Jane!
As always, thanks for the comments and insight. Much appreciated.
Good luck and good trading.
"If you've heard this story before, don't stop me because I'd like to hear it again," Groucho Marx (on market history?).
“I've learned in options trading simple is best and the obvious is often the most elusive to recognize.”
"The god of trading rewards persistence, experience and discipline, and absolutely nothing else."