Good morning, Steve. Well, my alternate ED count is off the table. However, there is still a chance that this correction is not complete. IF you didn't have your I1 timing indicator, I would give high odds to the correction (that is, the move up from the July 1 low) continuing higher in the form of a double or triple zigzag. But that would cause the correction to go much beyond your I1 turn date, so that seems unlikely at this point.
How will you play this now that it looks like the top is in? When and at what price will you start building a short position?
Hi Pima S4 is my plan. I can't imagine S3 going much below the DJI 220-day M/A. Looks like a setup for a nice bounce. Yes, I want to short it even though I1 isn't set to peak for 2 days. I'm convinced that we have broken down out of a diagonal. This makes the breakout non-returnable.
Good morning, Steve. Well, my alternate ED count is off the table. However, there is still a chance that this correction is not complete. IF you didn't have your I1 timing indicator, I would give high odds to the correction (that is, the move up from the July 1 low) continuing higher in the form of a double or triple zigzag. But that would cause the correction to go much beyond your I1 turn date, so that seems unlikely at this point.
ReplyDeleteHow will you play this now that it looks like the top is in? When and at what price will you start building a short position?
Hi Pima
ReplyDeleteS4 is my plan. I can't imagine S3 going much below the DJI 220-day M/A. Looks like a setup for a nice bounce. Yes, I want to short it even though I1 isn't set to peak for 2 days. I'm convinced that we have broken down out of a diagonal. This makes the breakout non-returnable.