Status. Short position closed and long position opened after the Bear Trap when there was a higher high that broke resistance trendline. Long position closed and short position opened at "W" pattern target and fifth wave count near yesterday high when there was a lower low. Bullish Scenario 1. The Market is going up as 5)1.3 which has showed subwaves 5)1.3:1i-ii and 5)1.3:1iii.i-.ii Sideways Scenario 2. The Market is going up as 4)c.d:c which has showed subwaves 4)c.d:ci-ii and4)c.d:ciii.i-ii. Strategy 1 & 2. Close short position and open long position.
Bearish Scenario 3. Minuette 4)c.3:4 ended as an irregular correction. The Market is going down as 4)c.3:5 which may be equal to :1 and :3 which are about 400, 50, 110 points long. The present wave is 4)c.3:5iii.iii. Strategy 3. Close long "Long position". Open short position.
Targets for Up move. 4)c.3:3iv=13300.3496, 1464.42, 2609.73 4)c.3:5i=13146.79, 1445.3101, 2587.04 4)c.3:5ii=13282.0596, 1460.3199, 2608.77 4)c.3:5iii.iii=13199.6299, 1452.34, 2600.3601 MeasuredUP1=13334.8995, 1467.3498, 2622.0901 MeasuredUP2=13354.4892, 1474.0801, 2642.78 Target for down move is another 300, 40, 90 points to 12866, 1410,2493. Last time I didn't believe the MACD buy signal, this time I'll try following MACD sell signal.
"M" pattern completed at double bottom. A good place to enter long position but rebound is to short 50, 5, 10 points.
It's time to close long position now because there is a lower low at target 50, 5, 10 points. Edit. The market is going down another 100, 10, 20 points.
Plan to reverse position if yesterday high is broken. Plan to hold the short position to target if the Market is down.
PREMIUM building in the S&P's heading into the 4:15PM close. This is a sign for what is in store for tomorrow with "Triple-Witch" from the Big Boys! Much maligned Morgan Stanley and Bear Stearns up strongly today. Love the RIMM earnings too! (+$17.00) Cash close: 1460.12 DID I MENTION HOW I WOULDN'T WANT TO BE SHORT THIS MARKET EVEN IF A GUN WAS HELD TO MY HEAD???
Status. Still hold short position. :eek: Missed the "long" boat. It was bigger than I thought. (Should have followed Landis's advice! ) Bullish Scenario 1. Subminuette 5)1.3:1ii is a triangle. The Market is going up as 5)1.3:1iii after Microwave 5)1.3:1iiå ends. Sideways Scenario 2. Minuette 4)c.d:b is a triangle. The Market is going up as 4)c.d:c after Subminuette 4)c.d:bå ends. Strategy 1 & 2. Close short position and open long position after the upper trendline is broken. Allow for some overshoot. Targets at Measured UP1=13334.8995, 1467.3498, 2622.0901 Measured UP2=13354.4892, 1474.0801, 2642.78 Note. Both targets were almost touched by NASDAQ.