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Wednesday, December 7, 2011

December 7th Update

Crude

I went short this morning.
I took a position in two different put verticals, one near term, and one longer term.
Bearish VERTICAL JAN12 36/38 PUT
Bearish VERTICAL MAR12 35/37 PUT
Both are two points wide, in order to capture more profits while still limiting loss and offsetting time decay.

Crude futures don't look much different on the daily chart, but the hourly chart is very bearish.  As I write this post a bounce is underway, so we'll see where it leads.
Momentum definitely points lower near term.


After hours update 8:39 PM CST:
Here is a current snapshot of the hourly futures, which appears to have completed a triangle formation for subminuette degree wave ii of minuette wave (iii).
The triangle completed at the exact 61.8% retracement of subminuette wave i.
Posted by Waverunner (FractalTrader) at 9:21 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))