Wednesday, February 23, 2011

B or W2 to 1316+

The market ended up retracing overnight in the e-minis for a W4 and what we got today was the W5 to 1299. And I see the bounce so far as a counter rally in a B wave or a W2. If this is a B then we'll probably see a "Flat" or basically reach near the 1343 high. But if we are not getting an ABC move then the next wave down will be a strong sell off in a W3 to perhaps the 1250-1260 area. I am looking to enter short positions and sell longs on this bounce.

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