After the impulsive strong move up yesterday, there was no followthrough at all today. The markets resumed their downtrend including all the major indexes. Is this the beginning of the long awaited "C" wave or wave 3? Time will tell. I believe probability favors the continuation of the downtrend. Intermediate traders are still short or in cash. Many of the day traders lost their shirts today. But they may try to move it up again tomorrow frightening the shorts that are unsure of their trade. Be patient and you will reap the reward.
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