Here’s another view:
It would appear a wave has ended and a corrective wave has begun. The question that will be answered over the coming days/weeks is whether this marks the end of the first intermediate wave (1) of P3 and thus a deeper correction is coming, or was this just wave 3 of (1) and thus a less severe correction. I will exit the index based longs: DOW, SPX, RUT, Nasdaq if the SPX breaches the trend line of the chart, or according to my stops, whichever comes first.
I received an MBA from Columbia University’s Graduate School of Business in New York and am a Wall Street veteran. I’ve worked for a number of investment banks including Smith Barney and First Boston/C S First Boston in New York. Over the years, I have developed my own Proprietary Swing System and I combine that System with my own Elliott Wave Analysis to trade.
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Thanks for the update.
Quick question. When you get stopped out, do you now wait for the end of day charts to take the opposite position or do you jump in during that trading day. Selling pressure is very high today and so is volume. I have not seen ticks this negative in a few weeks.
I was about to do an update. I am initiating shorts on a couple of indexes today: Financials and Transports, will wait on the trendline break for the remainder as this could be wave (iv) of [iii] still, with another push up to come after a quick trip down to around 1290-1305.
My interpretation of the morning update is that we are not short despite this big drop.