E-Mini S&P Midcap Intraday Bullish Phase Review

 

EWY00-June-10-2016

 

This market just seems to want to push higher as it is getting closer to a record new high every few weeks or so.  Friday saw an excellent drop later in the day, but we can see it ended with a very steep decline.  This sure has the potential to only be a correction and if this is true, we should see yet another leg up develop, in the next week or so. 

I would be chasing an inverted 3 wave bull market as a zigzag, and we would still have two thirds of the move left to play out.  This should not take too long to confirm as there is little room to wiggle around in. We have to look for a correction, but a straight down move can work as a correction at any time.