Late Wed looks like E of 4 and then 5 waves down into a bottom at $38.20 and then 5 up and now 3 back down. Won't have to wait long on this one to see the outcome. Losses will be very small if I get stopped out again.
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Did you got stopped out today, captain?
I bought more and did not set stop .... sensing that the winds is shifting and market sell-off about to commence with yellen signalling that the clueless fed is still on track to raise rate this year. Gambling! lol
Yes I did but then it popped to 39.35 and (inclining) double bottomed to 38.20 so I got back in @1.5x normal position for a weekend hold. These markets look like shit.
I'm using stops - $38.10 will dump half my position.
DOW dropped over 200 pts as I type this .... beautiful!
We need to see some rapid follow though before I get too excited. After all, this has been falling since mid Jan with little relief. It is possible that the dip into the 38s was only 3 of 5 of 5.
Having said that, I do count 5 up off the bottom. The peak into 11 AM was likely w3 and then the drop back to ~40.88 looks like 4 and then the peak to 42.80+ was likely 5.
So tomorrow perhaps we get an A-B-C dip down to $41 and then turn back up. That is what we should expect if a significant bottom is really in. Of course we could also get a deep vee 2nd as well to create an inclining double bottom.
I suspect pretty strongly that Q2 is going to be full of bad earnings reports and that Q3 guidance is going to be down significantly on average. I think we are in a recession right now, even with the gamed numbers from the feds.
Bottom line is that it is way too soon to get giddy but giddy might not be far off.
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