Here’s my primary count. Minute wave 2 traced a flat and now Minute wave 3 is here. You can see how much larger the structure is than Minute wave 1. This move lower should be very powerful, and we saw an example of its power today.
Wave Tock ~ Thursday 2/4/10
– February 4, 2010Posted in: Intraday Commentary
Indeed it looks like a wave iii. We also broke and closed below some major support on my SPY chart. What makes sense here is follow through for several days. I am still not sure if we finished minute wave i. The only reason is it seems we haven’t had a really good wave ii to shake out the weak hands. If that was the best minute wave ii could give us then this is going to be a hell of a crash and burn.
It doesn’t matter, as a position trader I am still short and holding. Counting the waves is a lot more fun when you are making a profit.
Hi Craig,
Your work has been excellent.
I think your wave 2(green)minute is actually wave (1V) pink,
the retracement is to the previous wave 4 territory.
Hence why yesterday’s drop was so strong cause it was wave 3 of 5 for
minute wave 1.
I think you actually said it when you said just keep holding puts,
cause the market will keep rolling down.
So there is more downside, and possible capitulation before wave 1 minute is done.
Cheers Lotsacandy