I'm Looking To Trade DUG (UltraShort Oil & Gas ETF)
I'm looking to trade DUG (UltraShort Oil & Gas ETF), because, DUG created a huge bullish potential breakaway type gap up at the open (downside gap at 47.70), see http://finance.yahoo.com/q/ta?s=dug&t=5d&l=off&z=l&q=c&p=&a=p12%2Cfs%2Cw14&c=. DUG is trying to fill today's downside gap at 47.70, in an intraday Elliott Wave ABC down up down downcycle. Once that downcycle bottoms I'll look to trade DUG.
Looking at the XOI (AMEX Oil & Gas Index http://stockcharts.com/charts/gallery.html?%24xoi), see http://finance.yahoo.com/q/ta?s=%5EXOI&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c=, the crash at today 10-24's open is very likely a Wave A down type move, the rebound is a countertrend Wave B type move, that I'm looking to ultra short via DUG, to catch the Wave C type decline.
The XOI's potential short term Wave 2 cycle low on 10-16-08 will probably get tested today, see http://stockcharts.com/charts/gallery.html?%24xoi. Of course, one also can't rule out that the potential Cyclical Bear Market cycle low on 10-10-08 gets tested also.
.......http://www.JoeFRocks.com/
Looking at the XOI (AMEX Oil & Gas Index http://stockcharts.com/charts/gallery.html?%24xoi), see http://finance.yahoo.com/q/ta?s=%5EXOI&t=5d&l=off&z=l&q=c&p=&a=p12,fs,w14&c=, the crash at today 10-24's open is very likely a Wave A down type move, the rebound is a countertrend Wave B type move, that I'm looking to ultra short via DUG, to catch the Wave C type decline.
The XOI's potential short term Wave 2 cycle low on 10-16-08 will probably get tested today, see http://stockcharts.com/charts/gallery.html?%24xoi. Of course, one also can't rule out that the potential Cyclical Bear Market cycle low on 10-10-08 gets tested also.
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
6:57 AM
1 Comments:
Now (2 pm EST, 11 am PST) I'm looking to trade the XOI ultra long via DIG, which did an anemic rollover Elliott Wave 12345 up down up down up pattern intraday today, and, is doing Wave C of an intraday Elliott Wave down up down pattern as I write this.
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Joe Ferrazzano, at 11:03 AM
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