Monday, April 5, 2010

4/5 12:30

Sold QID at 16.47 and SDS at 30.11. 
Here is the updated wave count for DJI, which I prefer.  This will be invalidated on a decline below DJI 10,949 and at that point the rally will be complete and shorts put on again.
The reasons for the changed wave count are 
1) the overlap of the old wave 1 high and wave 2 low was too great 
2) the presence of major resistance above at 11,060 and round-number at 11,000
3) The strength of this morning's rally indicates a wave 3, not a 5th wave.

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