Wednesday, August 18, 2010

The Long Term Elliott Wave Bullish Count

As most of you know, I am currently bearish and I don't think there is anything on the near term that would change my mind on a technical or fundamental basis. However, as a trader one must keep in mind different possibilities that might arise and the count above is one that I keep in mind (especially now that I am 200% short). The market could go very bearish or very bullish in the next few weeks so is always good to keep that in mind and manage risks accordingly.

Today I gained 3 points on Portfolio 1 by trading positions. I currently believe we're on a C wave with A=1100>1086 B=1086>1099 C=1099>??. The C could well turn out to be a W3 of course or it could be part of an Ending Diagonal. Whatever the real count is, I am watching for intra-day movements and I will be day trading in and out but staying short overnight.

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