I'm buying 1% YM futures at 12293.
Monday, April 11, 2011
4/11 Daily Commentary
Only the XMI shows a clear 5 up from Friday's low. DJI and SPX are not as clear-cut and Nasdaq shows a clear 3 up. I'm going to call it that today was just another day of 3-wave consolidation within an ongoing wave (iv).
I'm buying 1% YM futures at 12293.
Last week I determined to short the stock market at 2 different dates, 4/18-19 at the I1 peak and 4/26 when I1 declines below +7, the bullish threshold. There is another reason to short the 26th, that is using the 30-day smoothing of I1, which has an excellent record for longer-term moves.
Both the raw and smoothed I1 are bullish over the next week, so I must be as well.
I'm buying 1% YM futures at 12293.
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not looking right???
ReplyDeleteYM down huge... not right!!????
ReplyDeleteSteve,
ReplyDeleteWith more Japan news, it looks like we will test the 50 SMA around 1314-1315. This looks like a natural spot for support: the 50 day and the top of an Ichimoku cloud. I am still long too.
Charles
ps did you get a chance to look at the wave counts in that link I posted last night? what were your impressions? I definitely yield to your greater Elliot knowledge than my own.
Charles,
ReplyDeleteA good site. I agree with McHugh's short-term count. He also expects a 5th up. I'm holding to the long-term count of a C wave below the 2009 low.