Update September 12, 2011 10:00 AM
It seems like market has completed a 5-wave sequence with this morning's decline. This will be followed by a rise for the next few days. Next turn window starts in a few days i.e. Wednesday September 14, 2011. Since UST trading algo had already taken half-off at 1154 (1st profit objective), its prudent to either take all off the table or to keep the stops at break-even. In this way, there will be no loss. We will re-evaluate the structure over the next few days to decide the action plan.
Original Post
Following chart shows a potential Head and Shoulders pattern in Dow Jones Industrial Average. If this pattern is completed, it would suggest a substantial decline is coming.
It seems like market has completed a 5-wave sequence with this morning's decline. This will be followed by a rise for the next few days. Next turn window starts in a few days i.e. Wednesday September 14, 2011. Since UST trading algo had already taken half-off at 1154 (1st profit objective), its prudent to either take all off the table or to keep the stops at break-even. In this way, there will be no loss. We will re-evaluate the structure over the next few days to decide the action plan.
Original Post
Following chart shows a potential Head and Shoulders pattern in Dow Jones Industrial Average. If this pattern is completed, it would suggest a substantial decline is coming.
Stop Level on the short position has been reduced to 1180. First profit objective was achieved at 1154. Detailed market analysis will be published tonight.
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