10am update - watching the rally

I am still waiting to go long, the 15/60 minute cycles are fine, but the 5min is at the top of its cycle, I am certainly not going long with the RSI in the 60s (5min cycle) ! If I miss out on a morning rally...so be it. I'm a nervous trader going long, so I have to see ALL cycles be floored before I start hitting buttons.

For most 'normal' traders though, it looks fine for today and into Friday. The mood does seem different today, even on the clown channels.


IWM, 5min

sp'60min,count'2

Summary





Look at the MACD cycle on the IWM 5min chart. So long as we don't break 77.50, I plan to go confidently long sometime today, probably around lunch time, at the next minor pull back.

What is clear though, only a maniac would be shorting right now.