Wednesday, September 22, 2010

Elliott Wave Update - September 22

There is confirmation on the candlestick patterns of a change of trend and we just need to close under 1127 to solidify that confirmation. I think most Elliott Wave Counts I've seen are calling this a IV Wave but I am sticking to my count and my TA which indicates the rally was finished yesterday. If I am wrong and this really does turn out to be a IV Wave then we'll probably one last wave to 1155. But if the count I am putting up is correct then we will probably just go up a few points to finish the 2W and then go down hard or just gap down tomorrow morning and close below 1127.

I am still holding my SDS positions with a cost average of 1092 and no longer hedged. I might use margin to day trade on the short side any move under 1127.

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