Boring Title #3

My thoughts in this post indeed look to be panning out: Hit Me!!! (One more time)

• BUT WHAT IF?


• Next week goes exactly according to plan for the bulls? The dip does get bought and we make a higher high? ... [and that did indeed happen]


• 1. Uber-bullishness will become uber-uber-bullishness


• 2. ISEE sentiment reading *which are already OVER 2007 peak levels* will go even higher


• 3. The bear population, having another correction swept away from them, will feel like cows going to the slaughter in pens pre-Dr. Grandin's curved corrals. And the market will receive another short covering burst


• .... This would then bring us to major resistance with a dead bear population, bulls hopped up on testosterone and hubris (having just beaten another correction by buying the dip), and sentiment readings now rivaling 2000 levels.

I like this spot here for a turn. ... But I would actually prefer the above scenario to play out. I think that would be a lot more fitting. And based on the market behavior the last year, what this is really building up to, my gut is saying something similar might just happen.

Here is a possible count that I like for this, that takes us just a little bit closer to the 1228 target.

The count is a valid one. See Robert Balan's Elliot Wave Principle Applied to the Forex Market, Section 3, pg 9 for more details.




Adding my New High / New Low chart based on discussion below