Monday, June 14, 2010

6/14 12:20

The marginal new high in DJI (10,328) and XMI confirmed the wave 2 from the 5/25 low is either in progress or has just completed.  I do not like to short in the face of a rising I1 but I am placing a stop at 10,360.   I took a small short position earlier only because the wave structure allows for the completion of wave 2 at this point (ABC).  Wave 2 is 14 days long, vs. 22 days for wave 1 (about 62%). 
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2 comments:

  1. Jack CJune 14, 2010 at 10:59 AM

    Steve

    So we could do a 3 wave correction and then another 5 up by next Monday?

    ReplyDelete
  2. Steve KotelesJune 15, 2010 at 10:41 AM

    This is the 1st of 5, 3 rallies, 2 declines.

    ReplyDelete

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