Wednesday, September 1, 2010

9/1 Daily Commentary

The stock indices passed two milestones today. 
1) The abc from Friday's low can be counted as complete (or an extension ranging up to 10,350)
2) The rally surpassed critical resistance at 10,210
I sold 6% QID at 18.07 when DJI 10,210 was hit.
I1 bottoms tomorrow but obviously we have seen the low of this I1 cycle. The abc could be already complete but I have an order in to short DJ futures at 10,349
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2 comments:

  1. PeterSeptember 2, 2010 at 3:21 AM

    I dont fully understand?

    If the I1 low is in but a ABC is complete and so it is expected now to impulse wave down in 5 waves then a low is about to form?

    Or do you see us flat for a few days until the I1 starts lower again?

    ReplyDelete
  2. Steve KotelesSeptember 2, 2010 at 5:44 AM

    The count is 3 up so far. Either C or 1 of 5 toward C or 3 up.

    ReplyDelete

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