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Monday, December 5, 2011

December 5th Update

Silver


Selling has begun.  The day opened with a nice upside fake, before rolling over and taking out some near term support levels.  On a 1H chart, all price support levels going back to 11/30 are now taken out.  I bought back the short puts in my vertical this morning, and will let the long puts run. 

I'll update my positions page to show long 31 puts now.  Last night's overnight high of 32.11 should serve as a good stop loss point, if we are indeed in a larger degree impulse wave heading down. 



Posted by Waverunner (FractalTrader) at 11:38 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))