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Strategies & Market Trends : Daytrading stocks and futures

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To: Rarebird who wrote (1212)	1/3/2007 12:26:01 AM
From: Rarebird	Read Replies (1) of 5884

I'm looking at a likely "gap and crap" on Wednesday, January 1. The sell off on Friday keeps the scenario I've been following on track. Wave e is the final wave within a contracting triangle and that wave took prices in the leading Russell 2000 Index about halfway down from the top of the trading range. Once wave e is finished, wave (4) will be complete and a thrust rally to new highs will form a large complete five-wave impulse move to the upside. As far as time is concerned, Thursday is the most likely target for the low. The 777-782 area on the Russell 2000 index is a likely buy zone. But the 4-day trading holiday throws more uncertainty into the mix. As a day trade, Wednesday sure looks like an excellent short selling opportunity.

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