Friday, October 1, 2010

Elliott Wave Update - October 1st

The market failed to confirm the short term reversal. However, in looking at weekly candlesticks the market is now confirmed at a top. Looking at Elliott Wave and Technical analysis the market remains unclear until support or resistance are taken out. The bullish scenario would be that we're consolidating gains and getting ready for another high but after a relentless month of gains, the odds don't favor much upside. I don't think the RSI on the 30 minutes has been once oversold in over a month, that's an oddity in itself so hopefully we'll get a clear answer Monday or early next week. I remain leveraged short.

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