Sept 26

Just continuing to watch this this bounce. It's still in no-man's land with regard to the counts, and has not triggered anything on my trend system (no divergence signal at the bottom after this down cycle. And 92% of cycle bottoms have divergence. So the odds say sit tight and wait for a lower low). However the strength of this rally at the end of the day seems very out of place. This could be a rare instance where we get a bottom on no divergence. If this thing breaks 118 on this wave, likely a new buy will get triggered (that is a very ugly set up).

So the bottom line is the tape looks ugly, the indicator setups look ugly, the count looks ugly, my 15-minute system is getting faked out like crazy the last 2 days, so I am just sitting tight and waiting for a 60-minute setup to emerge.