05/08/12 – Bought – 2nd Update © ™

MY CHARTS

BUY/SELL SIGNAL IN FORCE

Buy on Tuesday 5/8/12 at 12:44 PM

WHAT’S HAPPENING

I’ve got a few minutes here to elaborate on the initial buy update.

I’ve posted “buy/sell signal in force” at the top of the update and that will remain there so I don’t screw up like before.

At 12:44 PM today I bought and I put in a stop below prior lows.

It’s one of those wild speculative things that I do when the count looks about right.  We have a truncated step down (higher low) and are waiting for higher highs.  This is what I was waiting for when I didn’t modify the forgotten buy signal to a sell.  Today was that last thrust down and I’ve been fine tuning today’s decline.

Here is the suspected wave count since May 1st.

05-08-12 SP FUTURES 30 MINUTE BARS

Here is the 5th step down (white) or 3rd step (red).  We possibly finished 5th step down.  I’m watching closely for a deviation from this count.

05-08-12 SP FUTURES 15 MINUTE BARS

And here is a closer look at the present rally.

05-08-12 SP FUTURES 3 MINUTE BARS

We are rallying presently but we are at a crossroad.  The market is approaching the point where it must make a higher high or turn back down.

This could all wrong with a failure to accomplish higher highs followed by lower lows.  It would indicate that the present step is sub-dividing to the downside.  That would be cause to abandon ship but I’ve learned to not be forced out early because sometimes professional traders will try to shake out the weak traders on a strong fake out move to the downside.  This will usually have a 1 or 2 minute thrust.  If they last longer than 2 minutes, it’s probably valid and not a fake.

Gotta watch carefully under these type of situations and be ready to deviate from planned action.

I hope there aren’t too many grammatical errors as I did this quickly.

Last minute update:

We have the higher highs that I was looking for.  I will relax for “little while” but things can still go very wrong.

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