"Not Up" trend confirmed today, probably for the next month
Today the RumWave triggered a SELL signal. I had already sold out of my short positions earlier last week based on RumWave indications, but today was the pure RumWave sell signal. I will re-enter my short position with a 3x inverse DJIA ETF when we get a little bounce. Right now the market is at a fairly oversold level, so I'd expect a little jump in the next day or two. So long as that jump doesn't go back over the sell signal criteria, I'll establish short positions for the UltraWave.
The scores are showing a greenish tint on the 4 hour, but the RumWave is still high. This supports a short term bounce by the end of the week I suspect.
The 4 hr chart printed a bearish candle this afternoon with a strong downward push. The %B is getting low, but at 24%, it still has room to decline. The slow stochastic is also showing room to decline, but the red line is pretty low, so a small rebound may be in order.
The daily candlesticks continue with a revitalized downward momentum. The bearish cross of the slow stochastic lines continue to support an extended decline.
Nothing is for certain in this business, but the RumWave sell signals are usually very accurate. They have given head fakes before, but overall I trust them and will base my trades accordingly.