Wednesday, February 17, 2010

Never enough time in the day...

I had planned to do this update much earlier and have it be a bit more extensive, but various factors of life have prevented me from getting to my computer until now. [ii] is about to hit my ABC target I posted last week. How much further up can it go?
I think there is a bit more room to go based on the VIX. I suspect we may move to the red resistance area line on the VIX and consolidate around the 20ma while the BB pinches a bit. This will set us up for another big move which I see as minute [iii] down.

I see the market moving up for a few more days, but I wouldn't wait around trying to catch the top. Now is a good time to start building that short position. The move down could be fast and unexpected. As this should be wave [iii] down it should be fairly strong.
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