Hello traders,
I will keep the analysis brief because I have explained over the past several ideas my view-points on the market, whats going on and why we are seeing what we are seeing, but today I will provide a quick update! :-)
With no confirmation as of yet that we are actually in an impulse and sharp Wave 5 downwards, we are actually still in an impulse upwards and with today clearly being another 'green' day as I expected in my idea and analysis from Sunday, it is likely the rally will continue into my 'white box'.
What's important here is not trying to time the market out exactly but, rather for those who are in the market, you want to start taking considerable risk off the table beginning at the end of today if we finish in the upper 2700s. I recommend no one holds leveraged funds on the bull side OVER the Easter weekend.
It is not uncommon what-so-ever to re-touch near a 50% level during voracious bear markets, however, at this point you can actually argue the market is more over-valued now given the environment than when the SPX was near 3400 ironically enough.
It could be possible that the next wave down may-be triggered by a sharp sell-off in crude. Perhaps an OPEC deal won't come? Who knows.
- zSplit