Sunday, March 1, 2009

Time to get out...

If you are short...its getting close to time to get out if you want to catch the 4 of 5 bounce. The calculated target I have is 71.5 based on my count. Please be aware that there are other possible counts. One potential is from Daneric at StockTock, he has the tourquoise 1,2,3 that I have marked as just wave 1 and the bounce that was friday as wave 2...based on his count the target is around 69. Another possible count is that wave 3 ended on friday and that we will gap up immediately on monday.
Regardless, pretty much all the counts suggest we are near the bottom of this move and will experience a move up soon after. For those trading options its probably time to get out Monday or Tuesday. For those trading ES contracts, its possible to hold through the bounce for the final end of wave 5.
Atilla from xtrends is calling for gap under 700 monday, this would fit Daneric's count.
I think the final move will be right around march expiration, basically we need to finish wave 3 and bounce around wave 4 a bit before the final move down this go around :)

Be nimble...all the counts could be screwed up and we could always be heading to hell in a not collect $200 :-P