What “top”, “truncated 5th", “crash”, “sell-off", “collapse"?
I find it very amazing that with every pullback folks start using all kinds of adjectives to describe a "pending doom". A bear mkt WILL OCCUR but it's not time YET and don't wait for it because you might be sitting out for a very long time. Soon when the mkt makes new highs, folks will start using crap word like "manipulation". There is nothing bearish YET. TRADE WHAT YOU SEE NOT WHAT YOU WANT.
REASONS WHY THE MARKET IS NOT BEARISH YET:
1. It’s TOO EARLY to call a bear market. The bullish setup (from March 2009) is still intact. Key support areas haven't been broken yet.
2. The last run up (Apr 18th to May 2nd) is clearly impulsive compared to move from May 3rd-till now(corrective).
3. So far, the May pullback is clearly an ABC correction until proven otherwise (right now it hasn’t been proven otherwise).
4.A Bull Flag pattern is in play (the 5th major one since July 2010).
