Friday, December 4, 2009

SPY: Wolfe Wave Update

The bearish move that was set up this morning worked out well. I changed to a 65-minute chart for better viewing.

From Point 5 we dropped rapidly (more than I thought it would) to the red target line as sellers rode it down hard.

Another interesting item is the volume. Sure we had good volume on the morning high and the sell-off to the target, but what I did not appreciate at first was the high volume with the bounce from the target red line back up to the 20-bar EMA. That bounce was almost trade-able.

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