Wednesday, December 3, 2008
Wave C Rally, Then Sell Off; Dec. 3, 2009
Above is an updated 15min Nasdaq 100 chart. So far the projection is playing out as expected (see chart from prior post). It appears a wave c rally is underway and when it exhausts, it will be met with heavy selling pressure to new lows on the week. As long as a new high from last week (see horizontal line on chart above) is not exceeded, the short term trend is down and rallies should be sold in my view. I've already shorted at the high yesterday and shorted again when the Dow rallied over 120 this morning.
I'm selling big rallies and closing positions at profits on sell offs. That's my theme until the medium term picture clears up.