Is this the end of the bulls or back to 475?

What if I told you that what you saw yesterday was expected as a correctional wave of the impulse wave that we saw on December 13th? That’s exactly what we saw yesterday. Every impulse wave will be corrected with an equal or greater correctional wave. That’s the duality of price.

Now the question is, where will we be going today? The longer-term cycles are holding their bullish strength. A correction wave was made, we are opening the market with a gap at 470.94 from early morning. Today is a day of caution but with bullish optimism.

I will update you throughout the day. Good luck to you!

Comment:

The market cleared the early morning gap and established a bullish stance this morning.

Comment:

I forgot to mention, that with the short-term cycles out of sync, expect today to be sideways. I traded both directions this morning and I'm already done for the day :-)

But I will provide updates from time to time if the play is interesting and worth commenting about. Good luck!

Comment:

Which path the price is likely to take?
- Path A to $473
- Path B to $470

This is the question. As of now, I'm seeing weakness in bears and a strengthening of bulls. It's not too clear, hence the choppiness. It could stay choppy the whole day. But if I must pick, I would pick Path A for $473. As of this moment, the odds are a bit higher for the bulls to win the day.

Comment:

I forgot to mention the volume. The volume also supports strong bull defending this level. Very high volume at these levels to defend against the falling of price.

Comment:

Looks like the bulls ran out of money and weren't able to handle the bear pressure. Also, the cycle trend for the 2 slower cycles trended down as well and we broke down to the lower level.

Comment:

Bounce back to 471.22 before close today.