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The relentless up move can easily make us forget that we are in wave 4 up of the wave 3 down that culminated on March 6, 2009.For me at least, going long in this point in the market is out of question. We are pretty close to 50% retracement. It is possible that we may retrace as much as 61.8%. Nevertheless, it will be very risky to be long.To me, a plan of action that makes sense is that I will wait for a confirmation of the trend change on DAILY charts, before going short. The wait may be long or short, but it will be well worth it.Carl, you declaration of the bull market being over, whenever that will be, is also be part of my wait.
This BULL is looking very tired up here at these levels, i wouldnt be surprised to see a selloff!
Awesome call. Any specific reason you did not add to the long today?
Carl i enjoy your site very much. Since you are covering crude oil, would you please give consideration to covering natural gas as well.Thanks in advance!
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