Let's look at it on OEX which I still feel is calling the shot..this maybe a fairly good framework to work in.
I could make a good case that we are ending a C wave 5th because the A and C can be counted nicely as 5's on the 15 min chart. What bugs me is that 4th wave I have marked on the hourly.....I would have really liked to see more of a 3 wave structure.
So another B and C to go of the 5th or we are about to top the 5th and set up the bull trap.
...............unless of course this is all a leading diagonal and we are going much higher ....Fib brought that up the other day and believe me, it's not something I'm unaware of. I've had a mental stop on the ED with a weekly close above the 672.50/674.00 mark on OEX. Doing that would put the leading diagonal on the front burner.
..and on a side not..I had posted a few weeks back that I was buying puts on BIDU. Bought 100 March 120 puts for average 7.10.....all out at average 17.25 this morning.
http://stockcharts.com/c-sc/sc?s=$OEX&p=15&yr=0&mn=2&dy=27&i=p55825739825&a=89308538&r=6931.png
http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=3&dy=21&i=p62822378250&a=96036193&r=3531.png
OEX : a framework
Started by
eminimee
, Feb 15 2007 09:51 AM
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