By All About Trends

You can’t go higher until you stop going down. That said, the first step to higher can sometimes be sideways. We’ve seen this numerous times at market lows and at market highs. In other words markets sometimes have to carve out lows or highs. We’ve seen them last 2 days and we’ve seen them last 5 days, so there really is no set parameter just chart time. In the meantime we’ll take it one step at a time.

The worst thing that could have happened today was for us to walk into a market that gaps higher really far and fast as we’ve seen because those tend to come right back down. So for us to waffle here is actually constructive here in the land of Testing Testing Testing. For now we’ll take it as it’s just a moment in time subject to the next moment in time and not the end of the world here.

Don’t forget, we still MAY have to deal with the final micro 5th wave as shown below. It’s a micro time frame and an ending sequence and here it is in that 5th wave.

Up next are the 60 minute charts of a few select indexes

Game Plan For Week

So what are we going to do about all of this? Well one thing is for sure and that is we will NOT be shorting anything AFTER a market has been pulling back for weeks and has a five waves look to it that’s for sure. Doing so is the equivalent of chasing a bus on the short side and we all know why we don’t chase because right?. We are just going to manage and make the most of what we have currently.

For us right now it’s all about sitting back and watching what the indexes are going to do here. We say that as we can easily build a case for the NASDAQ Comp. and AAPL being near washed out.

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