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Monday, August 2, 2010

E-minis [Update 3:45PM]

[Update 3:45PM: Wedge count looks good. But are we at the top of wave "a" of (v) or (v) itself? Note the Fibonacci in days per rise...maybe 1 more day then.]

This looks more like a wave [3] up then a last squiggle in an a-b-c as Europe is up big at the moment.

So the wedge count is very much at the forefront of things today http://2.bp.blogspot.com/_TwUS3GyHKsQ/TFMwQcC_o3I/AAAAAAAAGuc/s256mjmVnek/s1600/spx5.png  
Patience.

Remember all the gaps up (and down) in early December? Eventually they shook out the bear selling and the market was able to finally break higher. This reminds me of that time. Gap up then closed. Gap up then closed. Gap down then closed.  I suppose eventually one of these gap ups might stick for a bit. But remember, even after the December/January run-up, the market gave it all back and then some quickly.


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