RY, do not second guess yourself

ry sept 23 2011

On the 23 of Sept this was the preferred count for RY. I even called it a buy (for a $5 trade). I never got in and changed the outlook twice after that, once correctly and once not so. The moral is that one should be patient and not second guess oneself all the time. We are our own worst enemies. Here is what happened so far.

RY oct 27 2011

As the 5th wave was extended a normal retracement is to the top of wave 1 of 5, $52, this is also wave 4  under an alternative count and close to a 50% retracement. Soon it will be a sell again.What is not clear, and consequently confusing, is if there was a wedge at the bottom, or a failed 5th. As I was looking to get out at $50 I missed $5 or 11% in a month.

Execution is everything!