Friday, June 09, 2006

By the script

Today’s decline was by the script, the Elliott 5 wave down script that is. As strong as yesterday’s reversal appeared to be, there was no follow through whatsoever. The dance to the downside continues.

I’ll be extra busy in the beginning of next week in preparation for a wedding in Buffalo and a side trip to Canada from Thursday to Sunday. So there will be little blogging. To make up for that and to show how little I learned my lesson. I’m posting my predictions WAG for the next week and half based on self-similarities in the wave patterns:
- Monday 6/12 down big
- Tuesday 6/13 down big
- Wednesday 6/14 up
- Thursday 6/15 down
- Friday 6/16 down, end of wave 3
- Monday 6/19 up, quick wave 4 and 5?
- Tuesday 6/20 up
- Wednesday 6/21 down
- Thursday 6/22 end of misery??? My downside target is 1180ish.

I will probably place some limit orders to close some put options and pick up some calls and some PM stocks on the cheap for next Wednesday and Friday. It surely seems that big market moves always occur on days I’m away.

More than any other post, you need to realize this is not investment advice (more like lunatic rambling) and I urge you to do your own due diligence. Above all, be safe!