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Wednesday, June 9, 2010

Wednesday 6/9/10 wrap up




Looks like wave 3 of C started today.  Wave C = Wave A at ES 969.75.


Went short ES this morning based on an apparent divergence in the 5 minute V Stoch, market immediately moved sharply higher and took me out at my stop loss point, and it also overrode the apparent divergence.
ES sold off steadily this afternoon.  The 30 minute V Stoch is in buy territory signaling the approaching end of subwave 1 of 3, hopefully we get a wave 2 bounce that provides a decent entry for a short play.