7/15 Daily Commentary

On the road today on a monthly trip to the doctor's for my wife.  I bought a tiny position in SP futures to offset my long TLT position since I was to be on the road.  I sold TLT later today at 100.45.  Today was finally the correction to the Minuette1 that I have been looking for and it stopped right on the 5-minute, 380-unit EMA.  Unfortunately I was not in the hotel room logged on when the low was made but I bought during the 2nd wave (Micro2 marked ii on chart) at 10,302 and 10280 DJI.
The end of the Minuette2 correction was at a higher price than I wanted but that is because it took so darned long to get there. So, Minuette2 is done and we are in Minuette3 of wave C of wave Minute2 of Minor3 (and that's all I'm going to go). 

Any wave counts are my own. Elliott wave theory is an integral part of my trading. For information/training/books on Elliott wave see Elliott Wave International.

If all goes according to script we have completed the 3rd wave of Sub-Minuette1 off of today's low.  I'll look to buy back into the futures market this evening.  I sold near the close because SPX hit it's old highs and the SP futures hit their 30-minute M/A:

I'll look for a triangle overnight and try buying at 10,285 and 10,271 YM futures.
There are only 4 trading session until the 7/21 I1 high:
20100701 24.67989
20100702 22.35137
20100705 21.57711
20100706 21.9467
20100707 22.73956
20100708 24.07844
20100709 26.13671
20100712 28.78697
20100713 30.21966
20100714 31.80805
20100715 33.66239
20100716 35.20112
20100719 36.13145
20100720 36.27178
20100721 36.41742
20100722 36.30637
20100723 34.96335
20100726 33.57488
20100727 32.35731
20100728 31.96437
So, the script for 7/21 marking the end of an extended C wave topping under 10,600 DJI should bear fruit.

Minuette1 took 5.5 days and was an extended wave.  Minuette3 to 5 will not extend and will consume 4 days total.  Sounds about right.  Being on a laptop I don't have all of my analytical tools available so I'll say good-night.