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Wednesday, September 23, 2009

Do you hear the dulldroms?

Just a brief update...

I've been bearish since the 1032... today with the move up to 1080 points in S&P, followed by a strong reversal to me may be the end of P2 finally.

I count 5 waves since the 977, and the swing from 1055 to 1080 (constituting wave 5) I also count 5 subwaves.

The super dupper bullish sentiment, allied with strong resistances, the fact the market is broken (Nasdaq making new highs, and DOW and S&P lagging way behind) and with this strong reversal leads me to think of a blow off top. I actually entered short at 1080, with a stop above 1100... but if we close down strong I may already lower my stop

I'll make a follow up post tonight

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