Thursday, September 9, 2010

Elliott Wave Update

The early morning structure looked like 5th wave in the morning but the retracement of initial impulsive wave retraced into the W1 territory and thus invalidating the count. I suppose we could call it a failed 5th wave but I think it'll be better to stick to 1105 as the orthodox top and treat the impulse today as an expanded flat, with B happening today at 1110. It seems like there is a lot of resistance in the area and given how far up the market has gone up in a matter of days, we'll see the pullback very soon. I sold my SSO hedge at a small profit at 1104 and staying leveraged short until the pullback. I am looking to make a small profit from that position or break even at the very least.

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