In the previous post on SNE I wrote "Besides after 5 waves up you should expect some profit taking and wave 3 or c is likely close to being done." That was a misstatement. I should have written, "Besides after 5 waves up you should expect some profit taking and wave 3 or c is potentially close to being done.".
In fact, this C wave could stretch out and extend and it is no more likely that it is close to finishing the current wave than it is to extending. This is why I suggested to take the rarely offered step of using trailing stops. If I really thought that the wave was "likely" near being done I would just sell it. But I'm not sure with the count we have so why not let your profits run and use a 5% trailing stop to limit your downside from the peak.
Wednesday, February 18, 2015
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