Wednesday, March 28, 2012

1387 Low to be challenged?

The 1420 level definitely got a reaction out of the market and it's now up to the optimists to make their case. I see a bearish impulse completed at 1397, however these 5 waves could have been just the W3 so the bounce is either a W4 with more downside to come tomorrow or a B/W2 to the 1407-1414 level. Whatever the case, odds favor the 1387 low being challenged on the C/W3 wave and if that is taken out it will confirm a complete 5th wave that ended at 1419 and eliminates the hope that it is a W1 of a V. So let's see how the so called window dressing holds up the market for the rest of the week.

I sold my SDS a bit too early as well as my XIV position but I can't really complain either :) Trades logged as follows:


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