While today's breakout is technically valid from the point of view of price, the current volume run rate is not confirming the breakout. Things may change by the end of the day, but right now I will hold out for a retracement/pullback/wave c for an entry in the indexes.
I was stopped out of TWM this morning and am close to being stopped out of QID.
TNDM and SOHU are moving up nicely. SNDK looks like it could break out in a 3rd of a 3rd wave with a target around 24 to 25.
Exited DGP near the open this morning. Still holding DXO which looks to have at least one more push higher. Oil may go to $75.
Will discuss breakout in more detail this pm.
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My early take for Q's & broad mkt: 5/6 to 5/13 = A; 5/13 to present = B of an ABC.
C to start this week and be sharp but short.
Again, JJC's early-forming symmetrical triangle foresaw sideways correction & upmove for broad mkt indices.
Regards,
dave
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