Wednesday, August 19, 2009

W4 A.K.A. “Pain in the butt”

Last few days in spite of having a plan/roadmap (see post as of Aug 16th - working pretty well so far) was a real pain to trade – but in my books it is a good news, it adds confidence that we really are in W4 of UP wave and, if so, will not exceed recent highs for at least another 2 weeks and that presents low risk short entries closer to recent highs with clearly defined stops. I see S&P500 range bound (1013.14 – 960 are on closes)