A winning trade! In my Pre market call I wrote, "short sellers should be looking for the termination of a three wave structure either in the pre-market or in the regular session to posture ourselves short for another move down". Here's the continuation chart for your review. By 10:00 am est, the e-mini completed an ABC corrective pattern whereas wave c= wave a at 1028.75. Prices exceeded this level slightly as I believe that larger market participants were gunning for the nest of stops just above 1027.75. After cleaning up the floor, the market resumed its previous downtrend to the tune of 23.75 points per contract. Thursday, July 1, 2010
July 1,2010 Pre Market Call - Follow Up
A winning trade! In my Pre market call I wrote, "short sellers should be looking for the termination of a three wave structure either in the pre-market or in the regular session to posture ourselves short for another move down". Here's the continuation chart for your review. By 10:00 am est, the e-mini completed an ABC corrective pattern whereas wave c= wave a at 1028.75. Prices exceeded this level slightly as I believe that larger market participants were gunning for the nest of stops just above 1027.75. After cleaning up the floor, the market resumed its previous downtrend to the tune of 23.75 points per contract. 
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