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04
Feb
Wave Tock ~ Thursday 2/4/10
By: Craig In: Trading Blog |

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.


Craig

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2 Responses to “Wave Tock ~ Thursday 2/4/10”

  1. Chacro (MZZ) says:
    February 4, 2010 at 8:14 pm

    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.

  2. lotsacandy says:
    February 5, 2010 at 8:27 am

    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