IBD says Tuesday was a follow through day and marked the end of the correction. I will wait for the GMI to turn positive before I re-enter the market. I still do not trust this rebound yet.
3 thoughts on “IBD: correction over; 18th day of $QQQ short term down-trend”
Mark Minervinni said he would wait a few days making sure distribution days won’t follow right after the follow through. Patience will prevail.
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you’re right. IBD simply does not want to be LATE in calling a turn around, as the paper has often been late in the past by 4 or 5 days.
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Dr. Wish,
You mention in your post that Oct. 21st is the 18th day of $QQQ short term down-trend, however the QQQ has been in an uptrend since Oct. 16th. Can you clarify how you are characterizing the term “short term down-trend”?
Thank you
Mark Minervinni said he would wait a few days making sure distribution days won’t follow right after the follow through. Patience will prevail.
you’re right. IBD simply does not want to be LATE in calling a turn around, as the paper has often been late in the past by 4 or 5 days.
Dr. Wish,
You mention in your post that Oct. 21st is the 18th day of $QQQ short term down-trend, however the QQQ has been in an uptrend since Oct. 16th. Can you clarify how you are characterizing the term “short term down-trend”?
Thank you