Disclaimer

I'm not a financial advisor nor a broker/dealer. I neither provide financial advice, nor make investment recommendations. Nothing you read on this website constitutes a solicitation, recommendation, or promotion of any particular security, transaction, or investment.
I may at times discuss trades or trade setups, but this is meant to be purely a discussion point for entertainment and educational purposes only.

Thursday, November 10, 2011

November 10th Update

E-Mini S&P Futures

When 1213 was taken out on the E-Mini's, the triangle formation was invalidated.  The move from 1208 on 11/1 to 1273 on 11/8 was therefore just an A-B-C correction of the last move down from the high on 10/27.

Yesterday's low completed a new five wave move down intra-day, which means we are ready to make new lows.  I will be looking to get short sometime Friday with a stop at the 11/8 highs. 



1248 and 1262 in the /ES are both good targets, which are both where A will have a fibonacci relationship to C.  1262 is the preferred target however, since it is also the 78.6% of the move down from 1275 on 11/8.  It is quite likely it will not reach that target by the end of the trading day tomorrow, at which point I will have to decide if it's worth getting in early.
Posted by Waverunner (FractalTrader) at 12:00 PM

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

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))