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Thursday, September 1, 2011

S&P 500 completing (c) up part II

Subminuette wave (c) officially completed today at 9am by my measure.  We already have most or all of micro wave ((A)) of subminuette wave (d) down, meaning we get a retrace back up for ((B)) before going down for a deep retracement of subminuette wave (c).  We're in store for a good 50 point sell-off in the /ES from here, so definitely worth a trade.

As long as I get a decent trade higher, and remain below yesterday's highs, I'm looking for a short entry.  I'll probably play this via options on the IWM (Russell 2000 small cap ETF).

Posted by Waverunner (FractalTrader) at 7:01 PM

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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))