Thursday, February 4, 2010

Wave 3 has started!!!

Well, so much for a B wave!! I don't know if any of you took it on the chin for a bit of the morning before reversing, but boy did the market roll. Playing a bounce during a wave 3 is the way to get your head handed to you, so the way I go from here is to add short positions on every bounce. We could have completed a minuette wave 1 at today's low. Key resistance from here is 1070/1076. That is where I'll be adding to shorts if the market gets there.

Once the market gets above the hourly 34 SMA, then I'll be looking to cover on the next low as we should be finishing up our minor wave 1 at that point.
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