Ewj: elliott wave

Status.
Long position closed and short position opened at 2/3 target near the quoted target when there is a lower low. Short position closed and long position opened at double measured move at fifth wave. Long position closed at close. No position because of Fed's scare tactic.
Scenario 1.
Minuette 5)1.3:2 had ended and Minuette 5)1.3:3 had started.
Microwave 5)1.3:3i.iii had ended.
Scenario 1.
Enter long position in Subminuette 5)1.3:3iii

Actual rebound = 13551.37, 1494.71, 2687.71

 

Scenario 2.
Subminuette 4)c.3:3iv had ended at yesterday close, Subminuette 4)c.3:3v will end below yesterday low.
Strategy 2.
Enter short position when there is a lower low after open.
Set target at measured move = 13261.1591, 1461.15, 2622.25

 

...looks like another 5 waves down .... after the 3 waves up ... on the daily ....
.... is still possible......

 

Futures point to lower open.
Plan to open short position at open.

 

Short position open. Plan to close short position at target when there is a higher high.

 

Half way to target.

 

The fifth wave high above target.
Prepare to close short position and open long position. If the resistance trendline is broken.

 

Attached is a weekly chart of the S&P... if we close on Friday below 1460 a "key reversal" on the weekly chart will be triggered. At the time of this post we are only 12 - 13 points above 1460. If it occurs, it would be a very bearish technical signal!

 

Short position closed. Long position entered. Set stop at the last low to reverse position.

 

As of yesterday's low ( which continues to hold as I post this ) we have retraced roughly 47% of the up move from the 11/26 low at 1406.10 to the high at 1523.55

50% = 1464.83

This also happens to be right around where the 21-day MA is coming thru ( today at 1464.31 ).