Wave 4 has been invalidated on the DOW. Therefore I think what we saw (1100>1086) as a A (alt W1 of an A) and now we're on a corrective B (alt W2 of an A).
Portfolio 1 Update: I covered shorts at 1088 and bought back at 1091 for a net 3 point gain on 200% position. So that brings up my short cost basis on my position taken yesterday to 1098.
Showing posts with label Elliott Wave Theory Count. Show all posts
Showing posts with label Elliott Wave Theory Count. Show all posts
Wednesday, August 18, 2010
Thursday, August 12, 2010
Recap of 08/12/10
We have two possible scenarios:
1 - 5 waves ended at 1076 and today's high at 1087 was A and we are currently working on B or starting C to the Fibonacci retrace.
2 - There were 5 waves down on a W3 and we are now on W4 with a W5 target of 1062-65.
Portfolio Update
I sold another short position at 1080 and that netted me 55 points on 2000 shares of SDS and went long on FXI but got stopped out at break even on a backtest of today's low. I am currently holding 3000 SDS from 1125 and FXI long at the 1090 level to hedge. I waiting on the retrace to buy a total of 5000 SDS and sell all FXI.
Portfolio 1:
SDS net 9 points. Unrealized SDS (52 points), FXI - 7 S&P 500 points.
Portfolio 2:
SDS net 55 points
1 - 5 waves ended at 1076 and today's high at 1087 was A and we are currently working on B or starting C to the Fibonacci retrace.
2 - There were 5 waves down on a W3 and we are now on W4 with a W5 target of 1062-65.
Portfolio Update
I sold another short position at 1080 and that netted me 55 points on 2000 shares of SDS and went long on FXI but got stopped out at break even on a backtest of today's low. I am currently holding 3000 SDS from 1125 and FXI long at the 1090 level to hedge. I waiting on the retrace to buy a total of 5000 SDS and sell all FXI.
Portfolio 1:
SDS net 9 points. Unrealized SDS (52 points), FXI - 7 S&P 500 points.
Portfolio 2:
SDS net 55 points
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