Wednesday, October 20, 2010

Elliott Wave Update - October 19th

The market sold off and closed below the level I've been watching and it remains to be see early tomorrow morning if this is an ABC of a W4 to move to a higher high or this is the start of the roll over process. I will short as close to 1170 as possible and use that level as the stop limit and go long on trades above this level. All intermediate trend lines are still bullish so I am assuming this could be just a pullback and not a full blow sell off.

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