I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Thursday, May 6, 2010

1-2 Heaven?

I am a bear at heart (I will even accept the term permabear). This count would make me very happy :)

[excerpt of conversation with creepy below. More explanation of why I posted this count] :

>>but very carefull with range 1153/1147...

I totally agree. There will be a strong bounce there if the market creeps up on it. But that is where this thought came from: What if the market wants to bust through it decisively?

It saved up a lot of bearish potential energy by not rushing down to 1150. The move is nowhere near oversold and down breadth is increasing. This is what had me more seriously pondering this count.
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