Friday, May 14, 2010

Is this move "for real"? I say yes

I think this definitely has the makings for a very severe selloff in the coming weeks. Per my posts the last couple of weeks, I have been counting this as an impulse down with more more down to go. I will update my counting in a moment, but first here is a chart of the ES

More down volume today than there has been during the up days of the last 3 days. And the down candles the last 3 days are also the ones with the largest volume. But pay close attention to the volume based accumulation / distribution (bottom line). It has already made lower lows! Smart money seems to be selling this pig (IMO).



Addition 3:20 - Current count



Addition 3:25 - Larger Degree count