Monday 5/3/10 wrap up

1000 lashes for me today.   I violated one of my own rules - STICK WITH THE PLAN.  The plan on the short ES held over the weekend was to cover on a breach of the channel.. Channel was breached today at 11 AM CST, instead of covering I moved the stop to 1198.50 and got taken out about an hour later.  Still a profitable trade, but less than 1/2 of what it should have been.  Coulda woulda shoulda - leaving it in the rear view and moving on. 
Went short ES again later today (2 PM CST) when 30 minute V Stoch peaked above 75 and rolled over.   A gap down open tomorrow would be nice - somebody call that in please.

There are three EW possibilities here.  First is that the correction was over with the lows last Tue-Wed, that option seems less likely to me for reasons stated last week.  Second is we've seen 1-2 & 1-2 with a 3rd wave either started or very close, as per this:

The third option is that last Tue-Wed lows terminated an A wave and that we are presently tracing out a diagonal B wave:

I kind of favor the diagonal possibility,  but time will tell.