Aug 2

Another monster reversal last week invalidated the short setup that I discussed last Tuesday. A buy signal was issued last Friday which turned around and a sell signal was issued yesterday right after the FOMC announcement. Lots and lots of volatility. Since June, the cycle for each period has been about a week and a half with lots of movement in between. Which means that it has been tough sledding for the 60-minute system which doesn't turn quite that fast and so the market is almost acting like negative feedback for the system.

So is this move up done? I honestly don't know. But the 60-minute system is back on a sell. And this move up still counts like a big overlapping mess. Here is my best guess (which is admittedly pretty bad recently) at a count: