They say he who hesitates is lost. The hourly Trend/Osc generated a buy signal this morning at 8 AM, I covered the short ES's @ 1144.00 so pretty much breakeven there, but didn't go long thinking I would wait for a dip to buy in at a better level. Next time I looked the market was a runaway, so now I'm waiting for a decent retrace to go long. Should have executed when the Trend/Osc gave it's signal and not tried to play cutsie.
With today's highs the trendline and oscillator in the Daily Trend/Osc were reset, thus the bull mode continues from that standpoint.
Most likely Elliott count looks like this:
Thanks for your honest analysis. I'm glad you broke even on your short position. I held TNA through Monday's mess, because my Weekly Chart was bullish. Bought UCO (oil) on Monday, since the daily chart had formed an R-squared saucer along with proper AO, KH, TSI & CCI parameters. Will be watching the weekly UCO chart over the next 2 weeks for a longer trend. DRN (3x Real Estate Bull) may turn Bullish tommorrow on the daily chart. see: http://instigator928.blogspot.com/2010/10/tna-weekly-daily-r-squared-saucers.html
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