TIIIMBERRRR Version 2.0 - not so fast

As I've said before we needed a new low that sported weakening momentum and strength, characteristics of 5th waves. We have had all that and S&P is at strong support so, in my view of the current price action we should go up correcting this whole move down in a 3 wave fashion (up, down, up).

In my opinion is time to either tighten the stops on positions or liquidate shorts and reverse... or if you don't want to get out of shorts, hedge them with longs.

Here's the intraday graph

Cheers

EDIT:

But even so, one always needs to be careful since the movement can always extend. Nothing is 100%. What we have here is a potential very good risk:return setup based not only on EW but other things such as a cluster of supports, weakening momentum, etc etc.