I went long SSO today. A few minutes before close. So tomorrow when the market opens down 30 points you can all laugh at the stupid little Keller boy and say "I told you so."
Anyway, why did I do it? Because the third of the five waves up to the 3:10-ish interim high of 1160.57 was the shortest. Thus, it could not be wave 3, but rather was almost certainly wave 1 of 3.
I have a bull count and a bear count:
The bull count is that Minuette (v) of [v] of 1 traced out an ending diagonal and that what I had as Micro [A] of iii yesterday was really Submin iii itself. In such a case we are currently tracing out Minute [a] of Minor 2.
Minor 2 could theoretically retrace all the way back above 1300 (78.6% retracement is 1302). A target for Minute [a] of 2 is the blue line, which served as support throughout much of [iv] and very likely will serve as resistance now. If that is met tomorrow, it coould act as the top of a cup for a cup-and-handle pattern.
The bear count is that we are still not done with Minuette (iv). If this is the case, the red lines will provide resistance. There are some other counts out there - one common one is that my Minor 1 is really just Minuette (b) of [iv] of 1 with (c) up to come, but a Minuette (c) of [iv] would for all intents and purposes act like a Minute [a] of 2.
The point is that all of these counts at least require a 4-5 up of the same degree as this morning's initial rise, and as such I am short-term bullish going into the night.
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