Tuesday, October 26, 2010

Elliott Wave Update - October 26th

The market continues to trend up and it set itself up for possibly new highs in the next couple of days. The dollar strength has done much to stop the rally so I think the real catalyst is the QE announcement in November. Until then, traders are positioning themselves for the implications for more money in the system. I am continue to watch the level for support, until the market closes under it, I will go long (like I did today) at this number or short on bullish gaps. This strategy has worked very well and I get much better sleep.. but as soon as the trend turns south, I will hold leveraged shorts overnight.

Morning Post: Market bounced off the level I was watching. I traded long and now there is an inverse Head and Shoulders that targets 1210.

No comments:

Post a Comment