I'll try and post a chart tomorrow, but I'm exhausted and am off to bed.
The only thing I want to say right now, is that yesterday's correction was not big enough for me to push the scenario that we are ready to go to 1145 or even challenge the gap at 1160. Today, we closed a gap and closed at key resistance. Although the waves are sloppy, it appears that we now could have had 5 waves up completing a 2nd wave flat at today's high. Tomorrow's price action will be very important as it provides additional clues about future market direction.
I continue to maintain my stance that lower prices are ahead. The market still needs to get to 1125 for a weekly reversal to the upside. Since it is very overbought, I expect significant weakness tomorrow. Let's see what it brings. I believe Monday's low was an important one for future market direction. A move to 1070 could be enough to start the next wave of selling.
We will see...
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- Rich
- I've been playing in the market for about 5-6 years now, and became very active in 2006. In 2007 I pretty much wiped out my account (>90% lost) on a major option play that didn't go my way. In 2008 I was given the opportunity to spend FT on my trading art with a nice severance package from my employer when my position was eliminated. In 2008 I was able to completely re-coup my '07 losses and bank some nice gains using front month options, following the trend, and a more disciplined approach. Now I've moved onto E-Mini Futures to hopefully improve my trading even more, reduce my commissions, and produce even more gains in 2009.
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