Thursday, September 23, 2010

9/23 10:30

DJ futures recovered to their neckline and DJ cash recovered to it's 150-minute M/A which was declining after my post calling for 10,716.  It peaked at 10,715.93.  I'm looking at topside at the  
I'll be covering 1/3 my position on the next low as a completed 5-wave from Tuesday's top.
I count 3-wave up complete.


  1. Scary move up here, 5 waves now. approaching the top of the downtrending channel off of Tuesday's high. That should stop the advance, but will it be just a pullback only to break that channel line later today?

  2. I'll be scaling back on the pullback, looking for the c wave later.

  3. sounds like a good plan if we get the pullback. unfortunately price has now penetrated the upper channel line. As you know these lines are never exact, but if the advance continues, the channel will no longer be in play. However, we might pullback and backtest that line.