Wow, Dow down over 700 and S&P down over 100. I've said in previous posts that 1045 in the S&P was where we'd be able to strongly say that wave [3] or C was underway, but with the intense selling pressure today I'm going to pull that statement and put in a new one: as long as the market stays "heavy" and around current levels without a monster rally into the close, I'd say that it's highly probable that wave [3] or C has already started right now. It may be tough to get short now with a 700 point selloff, but just look at the steep decline from September 19, 2008 to October 10, 2008 and see how many entry opportunities there were; very few. I think over time it's quite possible for there to be good opportunities to enter anyway, but I just wanted to let you all know what I feel about today's selloff and that I've adjusted my entry point to get more aggressively short. So, barring a monster rally into the close, I think it's quite likely that wave [3] or C is currently underway.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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