.bmp)
In sum, it is not time to finesse this decline calling bottoms or adjusting positions. The technical picture is still neutral and I am giving I1 room to work. Stop above today's high.
Monday, August 23, 2010
8/23 Daily Commentary
Stock market completed Minuette 2 this morning's rally. Sub-Minuette 1 ended and Sub-Minuette 2 was a long series of upward abc's off of a triangle. S2 is complete and S3 is in progress. After the close the futures declined to test Friday's lows
There are still 6-7 trading days to the next I1 low. The ideal low is 9/2, but 9/1 is just slightly higher. This will not be an important low because the subsequent I1 rise is only to 3.28, or slightly above the trading rules' hold short level.
.bmp)
In sum, it is not time to finesse this decline calling bottoms or adjusting positions. The technical picture is still neutral and I am giving I1 room to work. Stop above today's high.
In sum, it is not time to finesse this decline calling bottoms or adjusting positions. The technical picture is still neutral and I am giving I1 room to work. Stop above today's high.
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