Elliott Wave Live: S&P Futures: Trade Alert for 10/13/2010

Tuesday, October 12, 2010

S&P Futures: Trade Alert for 10/13/2010

Last night I covered my expectations for trade today. Please read that post if you missed it or to refresh your memory. Today price traced out a down - up pattern in three waves each. This continues to confirm that the pattern is an ending diagonal. Technicals have diverged on lower TF's as price confirms the possible top. While there are no guarantees, as a trader I am compelled to trade this from the short side tomorrow as long as the market's position doesn't significantly change in the ON session. It's a good location. Stops above 1172.

If the ON session shows some strength, I may wait until a break of the lower trendline before looking for an entry set-up. This is a more conservative entry but a safer play.

Let's see what develops.

Best of Trading

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Tuesday, October 12, 2010

S&P Futures: Trade Alert for 10/13/2010

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