Ewj: elliott wave

Yes, a characterization you are all too familiar with.

I'm beginning to think the poundings we gave you on the NYFE in the 80's have left you permanently brain damaged.

 

Status:
Hold Short positions.
Scenario 1.
Intermediate 4) ended on Tuesday 25th, 2007.
Intermediate 5) begins with a bang of 600,65,128 points.
Strategy 1.
Close Short positions. Try to enter long position.

 

Will "Dark Cloud Covers" SPX again?
Scenario 2.
Minuette Wave 4)c.4 is an irregular correction and will end near the previous shoulders, 25 and 200 dSMA, then Minuette Wave 4)c.5 follows.
Strategy 2.
Hold Short positions.

 

Set target at -150, -15, -30 to close short position and open long position when there is a higher high. Will accept 2/3 target.

 

Short "Short position" closed and long position entered. Set stop at the last low.

 

A 60min Scribble on the SPX

I think most will have a simple i,ii,iii off Mondays Low with today action being part of a wave iv.

I've done the other option of a A wave. Were now in a B which would last longer in time than a wave iv.

 

Prepare to close long position and re-enter short "Short position".

 

15 min ES shows the Bench Mark ALT (-20) at 1455.

 

Long position closed and re-enter short "Short position". Set stop at the last high.

 

Short "Short position" closed and long position re-entered.