No brag, but EWI's count was off, predicting a downside resolution of the triangle. I was able to position correctly based on my count.
Thursday, March 3, 2011
3/3 9:55
Yesterday's Daily posted a Nasdaq chart and a projected breakout from a triangle to complete this abc up.
I took a tentative short in SP futures for a 3 point loss based on the time dimension (which we are running out of). The breakout occurred and I bought 4% SDS to bring me to 8%. I also shorted NQ just beyond it's 78.6% retracement at 2358.
The problem is that we are running out of time to complete the decline by Friday close. It must turn now. Frequently the day before the jobs report contains a trend that starts at about 10:00 and lasts all the way to the close. I'm betting that today's trend is down all day.
No brag, but EWI's count was off, predicting a downside resolution of the triangle. I was able to position correctly based on my count.
No brag, but EWI's count was off, predicting a downside resolution of the triangle. I was able to position correctly based on my count.
Subscribe to:
Post Comments (Atom)
Steve
ReplyDeleteAnother possibility is that we are still in a corrective pattern from the 1344 high to the 1300 low (as wave 1 down). The high at 1332 was wave A, the low at 1302 was wave B, now finishing wave C up before it turns down.
The above count doesn't make much sense compared to the I1 projections.
I prefer the triangle count, but it the SPX continues to rise above the trend line....
DennisP
pullback in PM's today. Buying opp? (since PM1 is rising till late May)
ReplyDelete