Posted by marketguy on 31st of Aug 2010 at 11:19 pm
can't believe I re-initiated shorts late in the day today
(honest to god I have no idea what I was thinking not waiting for a
violation of the 1040 lows...listening to too many perma bears
again I guess...such an amatuer mistake and more tuition $$$ going
to the College of Trading mistakes when I lock in some losses in
the morning
).
anyhow, not much I can do about it until tomorrow so here's my
initial thought (assuming we don't "blow" right through the top of
this channel by morning which the way things are looking now may be
a very good chance....double
)....
There is a elliot wave count that shows the past 3 days was a
sidewaves move for wave 4 and that wave 5 down is still to
come(wave 5 down of 1down). Should go below 1040. Then a corrective
rally wave 2 up that would scare all the shorts and then the
dreaded wave 3 down. Would not worry to much about futures. Same
thing happened 2 days ago, futures up over a 100 over night then
came down sharply. Of course the 15 min down channel must not be
broken.
Posted by lcstrickland on 1st of Sep 2010 at 12:13 am
don't forget all the economic reports and the all important ADP
report tomorrow AM....everything can change when those come out.
There is hope still for us "shorts"...
what a nightmare....
Posted by marketguy on 31st of Aug 2010 at 11:19 pm
can't believe I re-initiated shorts late in the day today (honest to god I have no idea what I was thinking not waiting for a violation of the 1040 lows...listening to too many perma bears again I guess...such an amatuer mistake and more tuition $$$ going to the College of Trading mistakes when I lock in some losses in the morning
).
anyhow, not much I can do about it until tomorrow so here's my initial thought (assuming we don't "blow" right through the top of this channel by morning which the way things are looking now may be a very good chance....double
)....
well the futes were up
Posted by PA on 1st of Sep 2010 at 12:48 am
well the futes were up 8 points on Sunday night and they lost it all by the Monday open; I'm pulling for a repeat for ya
Elliot wave 5 down
Posted by kobie on 1st of Sep 2010 at 12:27 am
There is a elliot wave count that shows the past 3 days was a sidewaves move for wave 4 and that wave 5 down is still to come(wave 5 down of 1down). Should go below 1040. Then a corrective rally wave 2 up that would scare all the shorts and then the dreaded wave 3 down. Would not worry to much about futures. Same thing happened 2 days ago, futures up over a 100 over night then came down sharply. Of course the 15 min down channel must not be broken.
Wishful thinking...
Posted by burkmere on 1st of Sep 2010 at 12:29 am
methinks.
to marketguy
Posted by lcstrickland on 1st of Sep 2010 at 12:13 am
don't forget all the economic reports and the all important ADP report tomorrow AM....everything can change when those come out. There is hope still for us "shorts"...
SLEEP well marketguy and thanks for all the charting
Posted by honzer on 1st of Sep 2010 at 02:00 am
Yes my thoughts aswell, I try not to look at futures anymore as morning
news before market opens can change it all.Here's hoping we blow down
through 1040 tomorrow.I actually don't sleep well at night unless I am
in sds as I don't want to miss that morning that I think is comming IMO.