Fellow Traders:

Corrective waves on higher time frames make for interesting trading.  I got my Grand-
A-Day.  We had it in the Trading Room, too, but I got faked out and gave some back.  Happily we still finished in the money.  My rookie mistake was due to my belief that the bearish pattern we were in had finished when we were really only down to Wave 3.  I’m thinking of having the following carved in stone and hung over my computer monitor:

“The first zig-zag is probably Waves 1 and 2.  The next zig-zag is probably subwaves 1 and 2 of Wave 3.” 

I have also attached a possible 1-min wave count for today.  I say “possible” because there can be more than one wave count that may apply without violating any rules or guidelines.

And, special congratulations to my student, Greg O., who made over $3,000 in real money profits today.  See everybody back in the Trading Room next Tuesday.

Today’s Charts

Here are today’s screen captures of my personal chart, the TRADING ROOM demo platform and my running intraday Elliott Wave count in the S&P Emini.  Please click on a chart to make it larger.