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> Oh well,
>
> i was too stubborn for a "crash" so i kept all my puts, maybe this weekend
> something will happen?
> gary
> hawaii
Your honesty is refreshing.
I don't have much confidence in the move up so far either, price or time. I
like the Elliott Wave idea of an impulse move down from 19th with this last
move up being part or all of wave 4 of that move. We remain below the wave 2
area (Spx1090 - 1099), and a 62% retrace of the entire move from the 19th at
Spx 1086 may be the turn around area, as may the present level since we
stopped at an exact 62% retracement of wave 3. Don't like to rush the count
but a 62% drop of the rise on Friday may be the end of a lot of things. Need
to see the actual level from which we turn down to determine possible bottom
levels though.
Bigger picture for me is that we're bottoming here. The move that started
down on the 19th may be the final wave of the move down from July 20th, which
MAY in turn finish a larger ABC from last April. Again, I hate to rush things.
Bottoming can take a while. Look at April to June and the range bound area
there. We've really only been bouncing around at these levels again for a
couple of weeks. We'll see.
Greed and Fear. Fear and Greed. They're tough to master aren't they?
Peter
http://tiger.golden.net/laird/Comment.htm
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