Grand (Wave Principle) - Correctly called the triangle about 20 minutes ago, and I think that is exactly what we are in.
I am short and will stay that way even with another stab up tomorrow (which I expect). The 50 day MA at 1108 will keep a cap on this rally. And I still like the risk / reward for staying short from a swing trade perspective.
Also, I stick by the thoughts I stated over a week ago - Taking a Step Back: The Case for Staying Bearish for the Near Term. This is a volatile reaction last week and this week. But even if the trend down is NOT impulsive (i.e. not the start of P3), I believe the weekly chart is telling us we are in a down trend that will last more than just 2 weeks
