Here is the wave chart for the e-minis as of 1:30 pm today. The second upwave of the day didn't carry the market visibly past 827 (dashed green line) so there has been no confirmation of a new uptrend yet. But this second upwave made the entire rally from the open the biggest rally we have seen since last week's high at 876. If the current downwave can hold support at 817 (dotted purple line) then I would expect the next upwave to carry the e-minis well above 827. So this is a low risk buying opportunity and I just bought one unit at 819.50
Monday, February 02, 2009
Wave Chart at 1:30 pm - Long one unit at 819.50
Here is the wave chart for the e-minis as of 1:30 pm today. The second upwave of the day didn't carry the market visibly past 827 (dashed green line) so there has been no confirmation of a new uptrend yet. But this second upwave made the entire rally from the open the biggest rally we have seen since last week's high at 876. If the current downwave can hold support at 817 (dotted purple line) then I would expect the next upwave to carry the e-minis well above 827. So this is a low risk buying opportunity and I just bought one unit at 819.50
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5 comments:
Excellent analysis
Would this be the same as buying an ETF spider that tracks the SP500?
It would be the same as buying 500 spiders.
Your analysis lately has been one of the best reads on the internet, very educational!
Best of luck with this trade!
nice one. expected a breakdown myself.
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