Not a bad day. Did not pick the bottom but got the top spot on. Went 4% SDS, QID and 1% NQ futures within ticks of the high. Added another 4% SDS further down. I still have a small space on my dance card for 4% DXD or QID as well as another 1% NQ futures.
I count 5 down for the first micro wave.
I was able to escape the short positions that I put on Friday at break-even so piling on this afternoon is like selling the I1 signal moment. Here is last night's I1 chart. Although the highs correlate with market highs the selling seems to be more intense as the I1 values decline below 4 and then below 3.25.
I'll be selling another 1% NQ futures at 1846 tonight.
Stop over today's high, say 1862.00.
The important thing is that critical resistance was not breached. DJI 5-minute, 380-unit M/A was crossed at 10,380. Adding 1.35% puts critical resistance at 10,523. That is my stop for the ETFs.
The market closed on this M/A which reinforces a Micro1 bottom right near closing prices.
I1 is down, DJI 5-minute, 380-unit M/A is still on a sell, technicals are neutral, the count is bearish.
3 out of 4.
.bmp)
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