More chop yesterday with a decent pullback, but support was recovered by the end of the day, so it’s just another trendless day basically. I do not know how long this is going to last, and I could be wrong on the very short term wave count. Trying to figure out the Tiny Waves, Extra Tiny Waves and Super Extra Tiny Waves isn’t easy.
But I’m still bullish as this two week rangebound chop is way more likely to be setting up a huge breakout to the upside versus downside. The market is still bullishly aligned with the moving averages, so there’s no reason to be bearish on the bigger picture here.
Last year was the opposite as the market was below the moving averages, so it was bearishly align back then… not so today. So this short term stuff is just designed to trick and trap traders. We could see a drop below the 4545-4550 horizontal support from this multi-week range just to hit the stops on the bulls. Then a big squeeze follows.
I’m open to that and if it does then I might have to go back to my original thoughts of a Tiny Wave 2 pullback to 4500 before we breakout in a Tiny Wave 3 up. Right now I have Tiny Wave 2 marked as ending on 11/9 with that fast intraday drop to 4354, but I could be wrong there. If we drop below the 4545-4550 support level then I’ll very likely move Tiny Wave 2 down to that bottom, wherever it is.
For now though I’m just patiently waiting… nothing more to do at this point for me. I’m not trying to day trade this as it’s just too hard. I was looking for that pullback for the last 2 weeks and gave up, which is many when it shows up… LOL. If it does, I’ll ride it out. If it doesn’t, then I’ll be happy I stayed long.
There’s lots of time left until the FOMC meeting next week on the 13th, which might be what the market is waiting on? If we go sideways into the meeting then you know something big will happen afterwards.
Have a blessed day.
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