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Wednesday, April 22, 2009

Elliott Wave Update ~ 22 April


Primary Count: I am sticking with the ending diagonal near term top at 875. These are supposed to retrace deep back toward the beginning 779 so like last night, I will repeat myself . I look for at least a gap close at 810 for starters.
Retrace back up went past the 857 mark (62% retrace) which of course threw a lot of doubt into the bears as a wave 2 or B wave should. The end of day selloff was just sick.
Disclosure: I didn't do any trading today still hold QID and SDS from 870+ levels for downside protection. Still hold my core mutual fund longs in my 401k.
Sorry I dont have more at the moment.
EDIT: Volume was higher today and the daily candle painted a big fat red shooting star. Combined those are bearish.

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