Although yesterday's low can be counted as a/the low (Chart 1, green (C), blue 5(C) or [3], red [5]), the bulls are not out of the woods yet in terms of a confirmation to the upside.
A larger contracting diagonal in SPX (Chart 1 purple (C), Chart 2) and a larger expanding diagonal in ES (Chart 3) are still on the table.
Chart 3 - Although wave E-down of (C)-down in ES now looks like a potential EDT, the numbers do not work out, it's likely [a]-triangle-[b]-[c] as marked on the chart.
This is worth reviewing - him plus several others similar statement around that time. (copy to your browser window)
ReplyDeletehttps://www.marketwatch.com/story/founder-of-worlds-largest-hedge-fund-says-cash-is-trash-as-the-dow-soars-to-records-2020-01-21
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DeleteFor the record on 21 January when Ray made this call I bgt a large qty of short positions which were sold a close to bottom prices on those stks in the last week that yielded between 50x to 77x their cost. Other bgt on 17 Jan yield up to 100x.
Now I have gone long. Because around here is a bottom of some type. But there are no guarantees about anything with the mkt or EW counts.