Ewj: elliott wave

"Wait and see" strategy is very good. I'm not whipsawed today.

It's time to go up another 70, 7, 14 points, or else?

 

Short position entered. Set stop at the last high.

 

Key area the 1477.5/25 on the ES

Its an ALT and 50% pressure point....

As per usual if the ALT holds its going higher, (possably part of a possable ED wave 5).

 

Thanks Mup.
Mu.

Prepare to reverse position when there is a higher high.

 

Position reversed. Set stop at the last low.

 

Nice chart Rob!

 

Position reversed.

 

Head and shoulders.
Bear trap.
May have to reverse position again.

 

Position reversed. Set stop at the last low.

 

Thanks Landis

Attached is the scenario 1 chart... notice how todays high in the S&P parallels the wave IV high as I have labeled it. It has been my experience that the IV and 4 waves often peak at similar(1489-1490) price levels. It is possible that a wave 5 decline is in order but Mup thinks we have already completed 5 waves down(scenario 2) and he is better at EW than myself so the next day or two should be very interesting!