It is time to be more cautious than greedy. I see 5 waves ending soon after we see new highs. The wave degree we are in implies that a larger than normal correction might be near. The impeding correction might be steep but it might also move sideways. We will have time for that when it starts. Closing some long positions now or moving stops higher is preferred. I would not consider short positions yet, but if you feel lucky go ahead. This week I believe we will see new highs in both S&P and DAX. 
There is also a chance that the final 5th wave will be extended and so we might be ending the 1st wave of the 5th. Corrections for me is something good. They provide health in the market and a chance to buy lower. So I welcome one. The more time it takes to make a correction, the worse it will be when it comes.
Nice work, I agree with your count, but after that, the correction will be as big as 2009 at least.
ReplyDelete