Thursday, September 23, 2010

Elliott Wave Update - September 23rd

So we got a close under 1127 like I was speculating yesterday and now it's time to see if this is a correction to the Fib trace of the entire rally or the beginning of a strong sell off. The key to this is probably how this current wave behaves. If the bears are lucky, the wave I have labeled as "C" is a W3. But if the rally to the 1250 area is real then we'll see the market find support in the 1090-1100 area. I will be adjusting my stops as we go down to the Fib retrace area. Today I was day trading SDS on margin and got in at 1133 before the sell off in the last hour, so I am holding that still just in case it goes to 1000 :)

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