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Alright, sleep is becoming a thing of the past for me, and exhaustion a thing of the present. So this update I’m actually going to keep short, unlike yesterday’s failed attempt at brevity. I spent a fair amount of time on the charts, so hopefully they’re self-explanatory.
It appears that the preferred count of Friday and Monday was a dead-on hit, and that we’re now most likely in blue wave (4). There are more bullish potentials — so as always, I would caution against any temptation toward complacency.
This rally wave currently has an a-b-c appearance, and could be nearly complete. However, fourth waves are known to frequently string together several fractals, so another up/down sequence wouldn’t be out of the question.
Most notable levels are discussed on the chart, and bears should definitely be cautious in event of any breakouts above the red trendline.
The Nasdaq appears to have further to fall.
The next chart simply examines the trendchannels on RUT.