Barry,
I hope the revised read is wrong as well. One of my orders was botched, and I only covered 1/2 of outstanding shorts. I could always re-sell the 1/2 I covered in Sunday's globex session if the revised read is proven to be wrong by price action in that session. 1112 will prove to be the crucial number in determining that, as a significant break below there now before monday afternoon would confirm the original read as being accurate.
This is the problem with a wave 2 move, the completion can be very difficult to identify. I'm still LEANING towards the revised read, but after closely scrutinizing both reads, I would handicap it at only 55/45, with the revised read being 55% likely. If the new read is correct, then C of 2 should still wrap up by 1:30pm on Monday, and have great difficulty surpassing 1121.50, much less 1124.70 and 1131.20. However, if the first read was indeed correct, the drop would be ready to begin 1st thing Monday with a vengeance. The 1st read definitely gels better with the overall read in completing this entire 5 wave move by Wednesday morning. If the revised read turns out to be accurate, I would have to entertain the prospects of the 5 wave move being pushed out another 1/2 to one full day (taking us into next Thursday).
Regardless of which read is correct, the depth of the projection for the move does not change one iota. And for those of you who hadn't figured it out by the clue I gave, then I'll now provide one more. The word "books" would be crucial in uncovering the number.
We'll all know by Monday at 10:00 am which read is correct by the way the market opens. Let's see what the Easter Bunny brings us... :o)
Regards,
David |
