Well, there has been absolutely zero follow through on last weeks move down. Instead we got a very strong reversal. And it was strong enough to cause my 60 minute trend chart to bottom and is now turning back up.
I am highly unsatisfied with the timing of this wave, it is very out of place. If it was a pause it should have only lasted about 2 days. If it was a more meaningful correction it should have lasted a couple of weeks. Right now it is in a very funky 1 week state which is very odd. It is now highly out of proportion with the waves around it.
There are several possibilities but I don't like any of them at this point (I lay out probably my leading one, but frankly it makes me want to puke). So I am mostly in a wait and see mode right now.
