Sunday, January 23, 2011

Weekend Update

After a review of the charts, we are still at the beginning of the next wave down. As I have said, we don't know if it is minor wave 2 or the start of primary wave 3. Both are on the table. Those of you who have followed my blog know that I'm still a believer in primary wave 3. An economy that is still built on gov't bailouts is no economy ready for a new bull market. I believe history is on my side, but in the end the charts are all that matter. So, I will be objective in my charting as price action unfolds pieces to this puzzle and eliminates different wave counts.

As we are starting the potential for a wave 3/c tomorrow morning, I always like to see those start out with an acceleration gap. Let's see where it takes us.

Update on my trading system:
I started trading it with real money at the beginning of January. I've found some code errors and have made some slight modifications. The official trade log, however, shows 3 trades: 2 losers and 1 winner for a net loss of $76.90. Not too much to get excited about, but I'll keep you up to date on how it goes.
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