Wednesday, September 29, 2010

9/29 9:55

I've been operating with the wave count in SPX requiring a low below last week's 1123.50 as indicated in this chart.

This is still my operative count. 
Last night I was investigating the possibility of a diagonal triangle in operation, but I cannot accept this because the area in the rectangle above means that there was no abc down last week. 
I1 bottoms tomorrow.  If critical support, currently at 10,660, is not broken by then I will step aside and allow I1 to uptick after that.



8 comments:

  1. Hi Steve,

    You say you will step aside if the Dow does not break critical support by EOD tomorrow. Does "step aside" mean that you will close your short positions?

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  2. 1137.50 is in impenetrable to the downside. It's ridiculous.

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  3. Hey Chief is today a good day to buy some DXD or sds..they both look super cheap here!!!

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  4. If critical support is not broken by tomorrow 2pm ET I'll close the shorts until 10/7 or 10/8.

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  5. 1137.50. Prove it.

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  6. Until tomorrow afternoon, I'd be a buyer of either.

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  7. You might see DXD at 24.28 first, though.

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  8. Thanks I bought some dxd @24.35 what the heck mkt looks weak and POMO is broke !!

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