Friday, June 4, 2010

Truncated 5th

The 5th wave truncated at 1103 and this mornings move is either an A or a w1. It's hard to tell where the market is headed in the intermediate term, the trend turned up this week because we have had higher highs and higher lows so far, which could well put us above 1100 again next week. If the weekly low is broken then the trend moves back down.
Entered long position at 1081 to play the ABC move. Planning to go long up to retracement or peak of wave B or 2 and then short.
Portfolio: Long entry 1081 - Down 14 points from inception of trades.

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