Today's action looks like wave b of the pullback that 10/27. Wave b may not be complete, but when it is wave c down should take the market below this week's low. At that time I will be a buy for the next move up in this rally into December.
Today I exited my long position in the ES at 1151 for a gain of 27 points per contract in wave b after entering at 1123 late in the day Tuesday. I did not want to hang around because wave c down could be just as bad as the first two days of this week. I'm not too keen about the short side either for a swing trade as the trend is definitely higher.
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