Monday, August 16, 2010

That may have been the end of a wave 1

It did not drop to the level I had noted in last nights post (106 area). The rebound today was too deep for me to think that we are in some sort of wave 5 still to a new low. So now I am looking for a retrace for a wave 2. The ideal retrace would be to the 62% area (110.86), but a 50% retrace or slightly less would be good enough for me to start building a short position.
Three days at the upper BB is enough...time to head for some vacationing at the lower BB.
BPSPX:CPC 20ma has flattened out a bit. The time to go short is getting closer.
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