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Monday, August 29, 2011

Short USO

Bearish VERTICAL OCT11 USO 32/30 PUT

Stop loss 34.13

Trying a short position here, based on the contracting triangle formation.  Price has already traded above my prior wave iii label, but we should be confined by the high of wave i for this trade to be valid at all.  I have my stop loss in at the high of wave i at 34.13.  This is a very tight range, so losses should be minimal if I'm wrong. 


Posted by Waverunner (FractalTrader) at 8:05 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))