We are no longer in a bearish structure with this very large 5 wave daily structure with the ABC 4th wave satisfying bears at the 618 prior to resolving to the upside with an extended W5. I believe we are currently in W3 of this W5 and will likely push to 3100 then see a W4 decline and one more push to or above the 786. Sentiment is also changing bullish and we are hearing very bad news from China and still rallying. I think we will see price float up the next couple of days even with bad news and then all of the sudden we will sell off hard and everyone will be worried about the "China News" or whatever the headline will be while we correct this 5 wave structure.
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Will look to take profits next week and start to position for potential down turn in the next month or 2
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I am not looking to hold through W4 or W5 (first failure from this area may be W4 and we could pump beyond that) we could stay up here for a couple of weeks and chop around or we could fail right away... I will exit at the end of W3 and or 3100 and then watch for a few days and evaluate the downside. From experience the end of these structures isnt always perfect and ive been screwed waiting for the final wave before. - Better safe than sorry
