The TRIN has been in an uptrend all morning which is consistent with the selling action we have seen. If it breaks down and begins to trend downward this afternoon, then we will probably see an afternoon rally with new rally highs today or tomorrow. Any new high should be a 5th wave. It remains to be seen if that 5th is completing wave (c) of b of B, i.e. wave b of a flat correction, or whether it is wave i of C. In either case, a strong pullback or correction should ensue.
If the TRIN continues higher this afternoon, then the pullback/correction is probably underway.
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1 comment:
"The TRIN has been in an uptrend all morning which is consistent with the selling action we have seen. If it breaks down and begins to trend downward this afternoon, then we will probably see an afternoon rally with new rally highs today or tomorrow. ...
If the TRIN continues higher this afternoon, then the pullback/correction is probably underway."
Craig, very insightful. Hope the wife is doing well & that your 5 wave sons haven't revolted against your cooking yet. :)
Regards,
dave
P.S., When stks like FCX & PBR are down 10X %-wise GS (intraday), i suspect some institution has a reallocation program going today.
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