Status. Long position intact. Short position had been closed on Friday. Scenario 1. Minute Wave 5)1.3 had showed five Minuette Waves at target length of 400, 40, 80. There may be a correction back to end of Minuette Waves 5)1.3:4 or Thursday low. Scenario 2. If the last Minute Wave is 5)1.5 then there may be a correction to September 25th low. Strategy 1&2. Short sell at open and wait for buy signal near the above targets. Scenario 3. Minute Wave 5)1.3 is an extended wave 3 and is 1000,100,200 points long instead of 400,40,80. Strategy 3. Keep the long position.
The support line was broken, but the Market has new high. Posted by elovemer on 10-09-07 01:20 AM: ....do you see the possibility of a move to 1580 before the wedge breaks to the downside ? Yes, if this is extended Minute Wave 5)1.3, which may be 100 S&P points long, from September 25th low.
Today wave count 1-2-3-4-5-a-b-c-1-? Set target a measured move from all time high or at Thursday low. Move stop to the last high, quit if stop out.
Status. Long position intact. Short position closed because of new high. Scenario 1. The Dow goes down another 100,10,20 points if this is Minute Wave 5)1.2. Strategy 1. Short sell below last Monday low. Set stop at last high. Scenario 2. The Dow goes up 300 - 400, 30-40, 60-80 points without corrections larger than 70, 7, 14 points if this is Minuette Wave 5)1.3:3 of Minute Wave 5)1.3 extension. Strategy 2. Keep the long position rise with the trend.