The lack of a respectable (even intraday) base has gone from bad to worse, this is just the nature of the market and why I always go with the probabilities even when it's a tough trade to make or hold because I've had years upon years of experience with 3C and I know what the probabilities are with the indicator and I know I've never seen anything literally "This off the charts"
In the words of John Templeton...
"“To buy when others are despondently selling and sell when others are greedily buying requires the greatest fortitude and pays the greatest reward.”
I'd add to that, that you must have an OBJECTIVE and OVERWHELMING reason to do so, in any part of life, faith is one of the hardest things especially when your emotions are telling you something different and they are very strong.
If I have found the strongest probabilities, the only reason for me to change course or tactics in mid-stream, even if for only a day, is finding similarly strong probabilities, if I lack them, then any choices I make to the contrary are made from emotions and emotions are usually the best reverse indicator.
So the SPY... I have no reason to move, even for a short term counter trend correction.
This "could" have been a workable base, it still "could" be with a bit more time, but the probabilities aren't there yet if they ever will be.
The fastest 3C chart isn't even positive which means it has deteriorated.
The 2 min chart is just as negative as it was 3-days ago
the 3 min
Higher probabilities at 10 mins tell me things are very ugly, but we've known that, price is responding to that.
Why do you think we are not scrambling to enter shorts or chase the market? We did our work already.
The 15 min chart, this is very hard to overcome, even short term moves don't stand a chance.
At the bottom I try to put in to context the size of each divergence
The IWM is no better, it lost what it had yesterday
And the IWM 15
Look at the QQQ 10 min
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