Friday, July 8, 2011

W4 Correction

The W3 wave I had been tracking for the past couple of weeks is now done and we are seeing a corrective period before the market launches on a W5 to finish the impulse wave that started 3 weeks ago. Unfortunately, the market got closer to the equivalent of the 1360 level after hours so I didn't get a chance to short it. But it's no big deal, I am hedged so I am now looking for a lower low on a C wave that will perhaps test the TA and the 50 day MA which should be around the same level early next week. If we get there, I will cover the hedge and possibly re-margin again or just stay 100% long. It will depend on how the market gets there.

Have a great weekend!.. this week went too fast.

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