Midterm picture

I’ve not update a midterm picture for a while.  but since today’s market action indeed surprises me, i need to give it revisit here. 

 

First of all, we need to have respect to the market.  We can have predictions, we can have judges, but when those are against the market, market is always right.  Just like Livermore said “Markets are never wrong, opinions often are.”   All we can do is adjust ourselves and follow the market…

 

Based on the chart below, everyone may raise the question whether early June’s high will be taken out.  That’s also my midt.erm decision point.   Before it’s broken out, i remain on the bear side; once we have new high, i will join the bull camp for a few more weeks.   It needs to be pointed out that both retracement level and time frame are already perfect for 4th wave, an extended one does not have to be necessary…