Steve, do you view this last marginal new low at 1:30 p.m. as a
possible 5th wave (on a 15 min chart)? I am clinging tightly
to your mantra about waiting for an oversold bounce, and am
wondering how you view the decline so far, i.e. in terms of a wave
count.
frtaylor - haven't had a chance to break down squiggles for wave
structure but the last push down has resulted in some positive
divergence on the SPX 5-15 minute time frames.
I pointed out yesterday that the SPX had a late afternoon bounce
that retraced 50% of the earlier decline.
right - I shorted yesterday's bounce using SSO and covered at
57.35 today. I'm actually long w/ a pretty small SSO position
from 57.25, stop at 57. To my untrained eye, I can see (or
imagine?) a 5-wave structure off the high at SPX 1422.
Steve, do you view this
SPX 5 and 10 with Fibs
Posted by frtaylor on 4th of Apr 2012 at 01:35 pm
Steve, do you view this last marginal new low at 1:30 p.m. as a possible 5th wave (on a 15 min chart)? I am clinging tightly to your mantra about waiting for an oversold bounce, and am wondering how you view the decline so far, i.e. in terms of a wave count.
FRT
frtaylor - haven't had a
Posted by steve on 4th of Apr 2012 at 01:49 pm
frtaylor - haven't had a chance to break down squiggles for wave structure but the last push down has resulted in some positive divergence on the SPX 5-15 minute time frames.
I pointed out yesterday that the SPX had a late afternoon bounce that retraced 50% of the earlier decline.
right - I shorted yesterday's
Posted by frtaylor on 4th of Apr 2012 at 01:57 pm
right - I shorted yesterday's bounce using SSO and covered at 57.35 today. I'm actually long w/ a pretty small SSO position from 57.25, stop at 57. To my untrained eye, I can see (or imagine?) a 5-wave structure off the high at SPX 1422.
That is an objective entry
Posted by steve on 4th of Apr 2012 at 01:59 pm
That is an objective entry so simply trail stops up and see what the bounce will give you.
Okay - I'll pm you
Posted by frtaylor on 4th of Apr 2012 at 02:04 pm
Okay - I'll pm you guys about how to trail a stop effectively. For now I've moved it to 57.15, just below the low of the day.