Minis down 1.5 at midnight trading in a very narrow uneventful range. As mentioned in the post from ZH Guest Post: Learn How Out-of-the-Money Butterflies Create Profits Trading SPX you get, "If the S&P 500 breaks out over the 1150 area with strong volume we could move higher to test recent highs; however, if the 1040 area were to give way to the bears the bullish parade would end. At this point in time, it is too early to tell which side is going to win this battle." After that I now feel better about my lack of commitment to a call and about my tentative nature these days. So, this basically confirms I am not nuts.
Unlike the quote above I don;t think the April highs get taken out. It is possible with QEII and TARP II and how they will supply the markets with more false optimism and a fresh injection of new cash. I'm looking at 1075 range for the max if the top is not in. It is quite possible we have not met the extreme bullish requirements necessary to top, yet this time should be different. Very rarely do I ever show or give a count. You know I despise and think EWT is a killer. These are the two possibilities. Either in a 3 or ending an ABC corrective (based on today and tomorrow being POMO days).I have mentioned here and on the big blog for a long time about form of the fall and we'd come to a couple of points like this where, if you are counting , you'll get lost and have to wait on price to confirm where we are. Welcome to one of those points.
