Wednesday, October 27, 2010

Elliott Wave Update - October 27th

Today's market action invalidated my count yesterday but indexes closed towards the upper range of the day and above 1179 so the uptrend is still intact. I used today's initial gap down to go long and booked some profit at the Fib 38 retrace. I also shorted at 1179 in the final hour but got stopped at break even and now I am all cash again. I've see some Triangulating counts and Ending Diagonal bullish counts that call for a new high soon. My own prediction is that we will get to 1207 if we don't see any closes under 1180 (the level changes everyday). So tomorrow I will short at a a bullish gap or long at a bearish gap for intraday trades.

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