Tony, I never said that we are in a downtrend In theory, we could continue to move inside that channel..so the obvious consequence is that we will go up (Long Term) The problem could be the triple zig-zag that USUALLY brings a break..... I mentioned the possibility that once we hit the upper T-Line, we can fail again and return back to the lower T-Line ...at that point, the breakdown could mean that there is a Change in Trend on weekly basis. UNTIL we break 1292 (confirmed by two weekly close) ... I am a still skeptical Best Qiuntrix
-------------------------------------------------------------------------------- Completely agreed!.....me too suggest all EWavers should do the same... Q.
Oh I misunderstood you, sorry. Yes, I would also be disappointed with a failure to breakout of that upper channel line. A third of a third should do just that. If it doesn't something else is brewing
Ready to cover We are short the NQ H6 from 1698 and we are ready to cover our position, with a buy limit order @ 1655/1653 (maybe tomorrow, if there will be a follow thru). For those that are still short the ES from 1275.75 (stopped out in overnight for one tick), I suggest the same thing: a buy limit order @ 1254/1255. We are very close to the minimum target forecasted for this downside Good Luck http://elliottwaver.blogspot.com/
Thanks Tony, the problem for bulls is 1242 SPX cash level...to me is a key price A close below could cause a change in trend in the intermediate term. If this support will be broken, I see more selling pressure with another 20/25 points drop, down to 1218, another very important pivot Q.
Our buy limit order on the ES H6 has been executed (1254), so we are flat We are still working the buy limit order on NQ @ 1653/1655. We place a trailing stop @ 1672 http://elliottwaver.blogspot.com/ Happy new year Q.