Well, here we are again... same thing different day. The breakout of the falling red trendline yesterday was not impressive in my view. Clearly it wasn't a wave 3 of any degree. This morning we have a nice move up happening but it still doesn't act like a wave 3 should. I've added a rising pink trendline and with the rising purple trendline we have the futures stuck in a wedge that points to 2700 or so at the peak of it today. Will it reach there or not is unknown? This is not the kinda of market action I'm looking to play.
This is where you just flip a coin on puts or calls for the next day, which is just gambling. I hate it, but believe me I've done it many times in past. I try not to do so and instead look to catch a strong wave 3 or C up or down but we aren't being given that here lately. Anyway, I don't have much more to add that hasn't been said all week. We seem to be climbing the wall of worry now and trying to catch a nice wave isn't going to be easy. Maybe next week will be better. Have a great weekend.
