Today's large downside move seems to be the next down move as said on last post. At the time, there were 2 cases made, one for an immediate decline from the 1070'ish levels, or a bounce up to 1110'ish and then a fall.
At the time it made a perfect sense to consider the immediate decline, since the possibility was big for it to happen. I ended up wrong, since that was my principal count, but soon the market gave indication that the alternative count was the one to follow. I got stopped out and since I don't play against the trend it was time to wait for the inflection point to be hit, in this case 1104 which is where I'm short from.
This, if indeed is the resume of the decline, will make leeway down to 993 pts on S&P more or less. Volatility should start increasing.
Confirmation of this scenario will come once we break 1070'ish. Now it's just a matter to sit back, relax and let the market do its' thing.
Tuesday, February 23, 2010
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