The failed analysis of last night blew up in our shorts today as the market confounded three, count them three, Sell signals generated on Tuesday's close and instead rose up from it's gap down opening. What pray tell is happening?
The market thrives on uncertainty, making only the most nimble and dedicated traders survivors in a myriad of structural possibilities.
The one constant in all of this resides in this chart:
This is the Weekly SPX chart, suggesting that we are in an elongated 4th Wave that when complete will result in signficant new lows below the temporary bottom put in on March 6th.
Here is a Daily look at this 4th Wave rally and potential high level before the market turns down in earnest:
My analysis remains steadfast: That we are looking into the barrel of a loaded gun and the only thing missing is the timing on the pulling of the trigger. Yes, there is more upside shown on this chart, but do you really want to play it?
Well, do you?