Crazy idea (sort of). Charts in a sec.
Okay, you know what I think? I think that was it. I think Minute 1 ended today for most of the indices.
Hear me out. I think we had a lot of sound and fury signifying nothing. Despite a sharp move yesterday and this morning, we had no down volume (again). The down breadth was pathetic. We got NO follow through. And the positive divergence that I mentioned last night not only got worse, but the MACD on many timeframes is now positive. This has the earmarks of a trend change, not just divergence for a Wave 4, or a wave 2 of 5.
Now, when I say trend change, I am referring to a Minute degree 2 up. I do not anticipate a major rally. Just something to burn off the bearish sentiment and set up for a nice and "pleasant" Labor Day rally.
This is what my preferred count shows. But moreover, this is what my gut is saying
.... but my gut is also hungry ....