Tuesday, September 14, 2010

Elliott Wave Update - September 14th

I'm basically posting the chart from yesterday. The 5th wave landed exactly at 1127 where I had marked it and the action that followed is either an ABC move or a w1-w2 with w-3 in progress. If we gap down tomorrow and we break the 200 MA, it will confirm a 5 wave structure of an A leg. If not, then we're still in the topping process but odds are this rally is done for now. Had I followed my own advice from yesterday and shorted at 1127, I would have made good extra money at the end of the day. But I went in too early and had a cost average of 1126 and in the last few minutes of today's session, there was some jerking around that took out my break even stop. Last time this happened was with my SSO position taken at the very bottom at 1041, I got stopped on the cent and the next day the market zoomed 30+ points.

I'll post an updated chart showing today's action and some sentiment readings that points to a top a bit later.

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