Friday, September 3, 2010

Elliott Wave Update

So the 5th wave is now extended and at this point I highly doubt there will be any hard sell off. So looking to break even or make a minor profit(or loss) on the pullback and then I will be going long. I find ironic that just when 1010 was being called for with an "imminent P3", a 3 day rally wipes out all recent bear gains. Now that 1131 top is looking like it's going to be taken out and that will point to 1150 as the next stop.

This is the very reason why is not a good idea to short based on long term counts. Elliott Wave is a predictor investment mood and not a predictor of events.

No comments:

Post a Comment