ALL HANDS ON DECK!
ALL HANDS ON DECK! , THE SEAS ARE STARTING TO GET ROUGH AGAIN AND WE ARE STARING TO TAKE ON WATER. MACD reflects a loss of the brief period of upside momentum while prices churned sideways gaining little ground. Odds favor that the 5th Wave has started. Watch key support at the May 19th low at 29,563. A break of that level would confirm that Wave 5 is in gear. Only a rally above the Upper Parallel of the Schiff Modified Pitchfork and the 41,000 level would negate that technical thesis suggesting the deep corrective price action had run its course.
The Market's Compass
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Text source: The Market's Compass Technical View
