Hey Sorry I have been watching the US open this morning....

I'll Concede that my short covering was early.... :)

This is what you are looking at, We are in that Red Trading Channel.... We should hit the bottom of it, then bounce back for a 4th wave, that fourth wave should break outside the channel.

If you dra a line from the end of wave 1 to were wave 3 ends. then draw a parallel line through line 2. you will get the Trading channel for the full move. Wave 5 should start when it hits that trading channel. I'll be initiating a short this morning as a day trade, then another at wave 5......

That is my plan. I'll be quick to cover after wave 5. I also will be doing some shopping.

I'm Equal Weight Cash,

Over Weight Materials.

Initiating coverage of financials, and oil.

I will be over weight materials and financials after wave 5 is done.

Under Weight Cash.

I'll hang on to enough cash to day trade.

I'm Very Bearish on this economy...... Never doubt that, but that the market is going to 8k..... Today.... doesn't make me money.

If I traded on what I think the market is going to do, I'd be all in gold..... I'm here to make money.