There is a lot of talk out there in chart land about these little corrective ABC waves, perhaps the following can put things into perspective. Certainly, it makes for a break from watching clown channel.
Sp'60min - count'2
*The bulls will want to see a close over the 10MA '1360, they might get it, I'd guess they probably will. The issue is how high do we go on Monday? I'd guess at least to 1370/75. There remains the possibility that C' wave might last into Tuesday..and hit the 50% fib retrace of 1379/80. That would be a far safer level to re-short. Being a patient Bear will be important next week.
This mornings action does give me good confidence that the original outlook was indeed correct, that wave'1 and now 2 are indeed correctly identified, and by definition...wave'3...begins later next week.
...I guess its time to flick back to those cheer-leading maniacs on clown channel...
Yours...no fan of Cookies..but does like a good old fashioned Crash