Thanks jack hershey for your postS. Frankly, I tried to read all scenarios and have found it increasingly negative with each day comes , I have set a target of landing close to the 5500 - 5300 for the large-wave ... Generally i still have points 6024 and 6462 to wait for,at that point the trend will show dramatically move some were, since it is clear now that we are in bear market triangular formation. it is funny how the triangular formation make you feel hopeless. how is your trade these days,,
trendline (May 25+July 3+July 21 extend to right) is breaking, Aziz, higher volume to the downside and low vol on the 3 days of rally. Just remember that what I showed in the daily chart as waves 1 and 2 could also be viewed as waves A and B since you are suspecting a triangle - but in either case the outcome would be the same because the next wave down would be 3 or C. stay alert, as the eve of a 3 or C is not a time to fall asleep far away from a hospital. without using elliott, with just straight TA on daily timeframe only with no realtime, the TREND from the April 26, 2010 is DOWN with the nearest pivot point being August 7. So as long as August 7 is intact, TREND IS DOWN = STaY SHORT
Do you remember what your teacher taught you about triangular formations? indecision, faking, deceit and larceny now add a wave B to the triangle and it adds "sucker" to the others above. Makes life very tough for us. goodluck
Aziz, July 4 close is taken out. The last analysis I gave you, I missed something very important. I missed the PERFECT trendline from March 9, 2009 thru' May 25, 2010 on Daily chart. This line has 4 contact points, so Price knows very well its there and is therefore significant. Wouldn't surprise me if Price goes up to retest the line. Another feature that will help you is the downtrendline from May 4, 2010 thru' Aug 3, 2010. As long as prices doesn't threaten this trendline, you can continue to remain SHORT and vacation in the south of France.
Thanks for the follow up my Friend... And i agree with your analysis is correctly after breaking the equal triangle and I washed my hands of it since hehehehe. Look to the current theory at the attached chart... I need your opinion here also.... http://www.elitetrader.com/vb/showthread.php?s=&threadid=205143 Peace...