Todays action would fit well as an a wave thats part of wave (iv) in the larger ED C pattern.. ? (see page 166 for the lager view http://www.elitetrader.com/vb/showthread.php?s=&threadid=101387&perpage=6&pagenumber=166) I too have enjoyed the Hoilday Break Seem Mu's been hard at work though....
Status: Hold long "Short position" and a gambling "Long position". Scenario 1. Intermediate Wave 4)c ended Wednesday 21, 2007 as a running correction 3-3-3, or a double zigzag. Intermediate Wave 5) began Friday 23, 2007 with 181.84, 23.93, 34.45 points jump. Strategy 1. Turn the gambling "Long position" into a long "Long position". Find an appropriate exit point for the long "Short position". Scenario 2. Friday 23, 2007 rebound was the second right shoulder as expected, which will end below 25 dSMA and 200 dSMA and the first right shoulder. Strategy 2. Close long position near target when there is a lower low. Find an appropriate exit point for the long "Short position". Re-enter long "Short position" when there is a lower low near 25 and 200 dSMA or top of the first right shoulder.
Scenario 3. Minuette Wave 4)c.3:5 extends because of the Dow Theory Bear Market signal. This count is out of consideration when there is a close above last Tuesday close. Strategy 3. Keep long "Short position". Close gambling "Long position" when there is a lower low.
It's Sunday night and we are seeing some strength overseas and ESZ's are +12.00 Shorts are gonna be on the run! :eek: