Today's snapshot look eerily similar but it's probably just a grand coincidence.
I'll be selling into the close today simply because I want to see a 3 wave pullback and get back in. I know that sometimes these 5s up off the bottom can sometimes be expanded flat corrections, often in the 4th wave position. I'm additionally thinking this because that bottom was a falling wedge which I think are 3rds or Cs. So I would not be surprised to see all or most of this gain given up in 5 waves down instead of 3. But 5 waves down that cannot make a lower low would tell me it is likely an inclining double bottom/failed 5th/very bullish.
So I will take profits on this position into this strength and then hopefully we get a deep vee 2nd OR a failed 5th from here.
2 comments:
Very nice play captain; you capture the DRY wave here perfectly!
Thanks Anon. It made up for all my lost DRYS antes on the way down but the bet was small so I cannot claim a big profit was made in aggregate. I would keep it small in DRYS and instead use the large money in ORIG. DRYS will have better percentage gains on ORIG strength but you never know if the eCONoman (CEO George Economou) is just using DRYS as a "bad bank" with all the value pushed into ORIG. ORIG will not BK anytime soon but one really cannot say that about DRYS.
Still, it's a lot of fun to see a model play out so nicely.
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