S&P 500 - August 26, 2010 - Intraday 2

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