Mini SP500 Intraday Gyrations Review

The gyrations continue as this market is having difficulty in making up its mind in which direction it wants to go. Right now the markets see no gloom and doom as the VIX resumes its downward march.  I had this wave count once before, but now I will bring it back even if it is just temporary. It’s a diagonal 5 wave run, which is not finished yet, but a correction is due. We are near  to completing a small 5 wave run, leading into an “A” wave peak.

In the short term bullish action would have us believe that the bull market is still on.  I could be as some of these patterns are starting to fit into an ending diagonal.  So for the short term, there are still too many different options which have to be reduced or eliminated.  Sure fundamental news gets reported but that is a 24/7 on going event.  There is no way we can pick out all the different fundamental news stories, that made the SP500 go up and then fall just as fast. Fundamentals in the world, is just “white noise” like us older folks used to get from B&W TV stations before they went off air. It’s the volume of the white noise that is important, not the specific noise. Even the DJIA is getting close to looking like the SP500, while the Russell 2000 and the Midcaps are battling for a potential triple top.

This could  drag on until the end of the month, but if it breaks, and it’s a bearish dip, then no short term price support will hold.

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