I hate charting this because it happens as I'm working on it....
We are now 2:31 in wave 3..... I'll be shorting this wave 5.... we violated the blue.... after this it's time to retest.... or even wave 5 of this entire move...... IE we are in the broader trade channel.
Problem is with the yellow move, the pull back and this red move..... This is a 3 wave elliot move.... we need another segnificant pull back, then another impulse move.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Wednesday, January 16, 2008
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