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Strategies & Market Trends : Classic TA Workplace

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To: jjstingray who wrote (173414)	11/12/2008 1:32:17 PM
From: Perspective	Read Replies (1) of 209892

I think taking some short exposure off at the lower line is probably a good idea. Sure looks like everybody is diving in tandem in a coordinated retest effort. Isn't it true that Elliot triangles do NOT connect the start of wave "a" to the "b" bottom as you have done? Isn't it also true that Ewave triangles usually have an "e" throwover? That would be one heckuva pop - SPX 1000 again. So if you take exposure off at the lower line, and we're actually heading down in wave 5, how do ya play that? Just sell a quick pop off the 850 low for a few percent and step aside to see if a vigorous short-covering rally develops? Most of the distance traversed by "a" and "c" actually happened within the first few HOURS of those legs. Maybe you just buy it with a set timeframe for sale - hold for four hours and sell regardless. That way if you are headed into wave five, you get back on the right side of it before too much movement has happened. I have also noted that, when these bounces happen, the gigacaps tend to lead. So, you might follow by carrying longs in small cap ETFs. `BC

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