OK, things have played out exactly as I suggested they would, but we’re now approaching an inflection point and we’ll soon discover which count is on.  For the more bullish count the target of the wedge has almost been met and the market could turn anywhere from here to the 78.6% retracement levels, watch them.  Also, the more bearish count that wave (v) of [A] is taking the indexes to new lows, the target area is 1090ish.

I’ve moved stops to the opening prices for the bearish ETFs this morning.  But, will be switching it to the dynamic stop of the 21 EMA on the 5 min chart soon. It’s been a great trade first long on Monday/Tuesday, now short, we’re killing it on both sides, not time to be too greedy!  Enjoy

About alphahorn

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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2 Responses to UPDATE

  1. layor says:

    Too bad we got stopped out of the majority of the trades yesterday or this would have really been a payday.

  2. Tony D. says:

    Actually, rather than getting stopped out, I doubled my short position at the close. – why? because we never got back into the rising wedge after we broke it.

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