Tuesday, August 10, 2010

Wedging and about to roll over

I took half short position today at 1125 and will take another position if we make another high above 1131. This looks like an 5th wave ending and the market will probably test the 1010 low. At the very least it will have a Fib retracement of 38% so we're looking at the 1080 minimum if the market does not make a new high. I think this is a safer short bet at this point.

Also, from now on I will start tracking my Elliott Wave portfolio based on my own formula which is primarily based on short and intermediate term counts plus traditional technical analysis. So I will list today as the start as short half a position at 1125.

3000 SDS @ 1125

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