Monday, February 23, 2009
Ok...a little more...then a little bounce...then back down
Sorry for not using the normal labelling conventions, but as always I am running short of time. I am looking for a bounce up after a little more down. I determine my target at 73.29, by looking at wave 1. It moved about 5 points and through wave equality wave 5 should move about 5 points. I have wave 4 ending at 78.29. 78.29-5 = 73.29. I will take anything around 73.5 as close enough. You can watch the stochs on the hourly. If it breaks my trendline, that is the start of wave 2.
Wave 2 could trace as high as 82, but I am looking at 80.4 as the max right now. In fact I will start building a short position at 78.5. Currently I have a few left over puts to get rid of in the morning and picked up a few atm calls on SPY at eod.
Plan is to dump the rest of the puts at 73.5, pick up a few more calls (no where near a full position as I hate being long in a bear market).
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