Thursday, August 12, 2010

Five waves down finished?

It seems like 5 waves down ended at 1076 this morning and we're in the process of starting a counter rally. I could be wrong of course and the market could extend the 5th wave to test 1062-64. If the gap closes then it should confirm an "A" and the end of the 5th. I am hedged and in positive territory this morning and will sell start selling longs on the 38.2% retrace and buy back the 1/2 short position I sold yesterday.

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