Wednesday, September 8, 2010
Looking For The Selloff To Begin
Well the Qs broke down out of the triangle shown yesterday and rallied to a new high for the current move as expected. At this point we are near a crossroads. Wave [e] should be topping now. If it doesn't, then we will have to be on guard for the development of the double zigzag alternate. My hunch is that we will see the selling come in this afternoon, but that's all it is - a hunch. I am short the Qs from 46.25 against the August 9 high of 47.19.
Posted by R. Craig Pritchard at 11:33 AM