Here is the e-mini wave chart at 11:45 am. I thought the rally from the day's low would be shorter than the last upwave (of about 17 points) - I expected it to end near the dotted purple line. However, as usual, I have a plan B - the rally will carry the market up about 17 points (blue rectangles). This would put resistance near 825. Any strength beyond that, espescially if accompanied by relatively high volume, would be the first indication that the short term trend may be turning upward.
Thursday, February 12, 2009
Wave chart at 11:45 am
Here is the e-mini wave chart at 11:45 am. I thought the rally from the day's low would be shorter than the last upwave (of about 17 points) - I expected it to end near the dotted purple line. However, as usual, I have a plan B - the rally will carry the market up about 17 points (blue rectangles). This would put resistance near 825. Any strength beyond that, espescially if accompanied by relatively high volume, would be the first indication that the short term trend may be turning upward.
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2 comments:
What a fantastic lesson in trading, Carl. The Plan B! I often neglect to make one.
Thank you!
I think these markets will bottom tomorrow
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