Just be careful....yes..we can explode here...but could also top or get another leg down...it's the OEX that's really bugging me....I just sold the ES long at 1560..flat now.
I actually lost sleep over this last night
It's the OEX and again....my first thought when I look at the possible counts is...."Major top or Intermediate correction top?...or no top in sight?" If we are putting in a bull market top then I think we go higher...if it's an intermediate correction top..we can top right here or maybe have topped on oex. While futures look pretty frisky this morning...(was long....just got out at 1560...now flat)
I'm still very concerned with the OEX because of another non confirmation at the last high with spx. (comments on chart)
So here's the two ways I see OEX. First chart would suggest a B wave top and only an intermediate term correction coming.....the second is that we may have only topped the first leg of a wave 3 of an ED....or have completed a wave 3 and still need another dip for overlap for wave 4....note that the leg marked wave 3 on the second chart is a 5er...maybe suggesting only half of 3...or a top of B. Hope I'm not too confusing...I've put counts on separate charts to avoid some confusion in what I'm saying...
What I'm going to watch for now is if we get a new high on spx (completing smaller ED 5th) and get OEX now with a nonconfirmation making a lower high.......I think we will have a some type of substantial top in place...whether it's a bull market top or intermediate top will be answered in time....if we top...oex count only suggests an IT top but we could see 650/60 oex...I'm neutral until I see more.
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Edited by Teaparty, 19 July 2007 - 06:46 AM.