I thought of shorting MSFT at 107 5/8 this morning, took one look at the daily and said no way. The risk is too high in my opinion.
Once again the Elliott Wave has proved its worth to me. One would think all the sell orders at 105 yesterday would have some meaning. Not so when compared to Elliott.
The door is open to go to new highs before seriously heading south. To much risk for me to take a position either way for the time being. It may not go to new highs but there are reliable counts that say the real potential is there.
If it turns south here I'm not going to worry about it. The smart thing to do, in my opinion, is stay out for now.
Covering at 102 even though a small loss was taken, does not look too bad! Being short at this point is not a low risk trade.