Friday, September 10, 2010

Elliott Wave Update

I modified the count to reflect what seems like an imminent move to the 200 MA per my post this morning on the ascending triangle forming. I went hedged at 1108 as it seems to be obvious the market want to challenge the 200 MA and possibly the gap at 1116-1122, so we'll probably see a gap up Monday morning to reflect the 3w of the 5th. I'm looking to sell my hedge at one of the levels mentioned and short (intra-day only) with additional leverage to my short positions. The longer this goes on, the harder the drop might be as these rallies without pullbacks can cause massive selling as traders want to lock in profits as soon as they sense others will be selling.

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