SPX

I drew up this chart the last time then thought for a while it was going
to make a liar out of me, but it finally did the customary.

Here we are again:

Love the chart, but I always think I notice the wrong thing when I view others work. When I look at the chart, the first thing that stands out to me is we got a new high after every red line-and after a bit of a drop here, my work says it won't be "different this time". Also looks like the drops gets bigger after each successive line-which I think will also hold true here-in spades.

We are a littrle furtrher along in the momentum cycle this time, plus the bear has vix working for him this time, and he didn't last time. Thanks for your kindness below.

So, the MO pattern is down, but the index rises. That is an old complaint.Volume is acting that way too. The correction camp is growing with the evidence (if nothing else) that faith in the rally is deteriorating. Sentiment matters but when? Good work, Islander

Selecto, thanks for the clarity on your current thoughts. I'm still short from yesterdays close-but man, I'm being real carefull here. My real problem is a surfing one-I don;t see a 4 in this wave up, and feel like we are making it now-which would leave a 5. If you don't drop by my trading room sometime-I'm gonna have my students send you testamonials, LOL. I'm going to start trading futures in addition to my options trading next week-haven't traded then since I traded big contracts in the early eighties-UH OH.