Yesterday morning I went long SDS at 23.85 per share; I closed the position this morning pre-market at 24.22 per share. Probably better if I'd held off until 1:08 p.m. to sell off, but I didn't.
The main sticking point, I think, is the 3-wave rise Monday morning, which is the same sticking point that makes many wavers think May 2 can't be the top. (To be fair, I'm one of them; I call it Minute [x] of Minor 4.) You could make an argument that Micro [1], [2] occurred in the last thirty minutes of trading on Friday the 12th (indeed I will show a 1-minute graph of that day soon), but then you'd still have Micro [3] on three Submicro waves up. I attribute this to weekend/overnight waves which didn't manifest themselves properly in cash trading. If you had a market that was open for trading 24/7/365, you'd probably get a wave count that makes more sense. The MACD seems to be behaving like it's a third wave, as well.
Admittedly, it doesn't look like a textbook wave [iv], but then again it doesn't really look like a textbook anything else, either. It's a convoluted correction, but that's exactly what you expect from a fourth wave.
However, today appears to be up-down-up-down with lower highs and lower lows, almost in the same fashion as the start of Minute [iii]. This may not be all that surprising, as we'd expect Minute [v] to take less time, so its leading diagonal or 1-2-1-2s are running faster.
No comments:
Post a Comment