Not bad timing with the last post, eh?
Sometimes we get them right, and sometimes we nail them right ;-)
And, of course, sometimes, we miss them.
This afternoon drop makes me a bit more confident that the advance since yesterday low is of a corrective nature.
A corrective wave structure can advance as well, right?
1040 range is being tested as we are in the upper half of our OEW pivot of 1041.
As I said yesterday, if I wanted to play a long gamble, I would try to target 1070-1090 range -- perhaps using options and a month or more out.
I doubt it 1040 fails today, but who care what I think or doubt?
If the low holds, that would, IMO, give a rather solid floor for tradable position on the long side, as cut-off risk becomes very well defined and easily hedgable on any advance -- something for me to ponder
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago