Monday, October 18, 2010

Elliott Wave Update - September 18th

The market keeps going up in the channel so I am assuming higher highs as long at this keeps going. Futures point to a down day tomorrow but then again it was down almost 10 points last night so it's irrelevant. The market might take a breather but I don't think any significant sell of will come before the Benankes's QE announcement. The number I am watching now is 1170, I will trade short under it or stay long above it. Right now I have FXI positions and today I tried improving my short positions but I lost 3 points so now my cost average is 1115.

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