Near-term, bears would probably want to see a deeper retrace for the fourth wave of a diagonal. Yesterday likely wasn't enough for that type of pattern -- so no deeper retrace may indicate no diagonal (at the very least, not yet):
In conclusion, still not much to add. We're still waiting to find out if the market is going to try for an extended fifth, or instead complete in a more boring fashion. Today is Fed day, which means if Powell sees his shadow, we can expect 6 more years of QE. Trade safe.
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