Ewj: elliott wave

One for Rob

Z wave into the close for the Bears is the only real bear option I can find

The Bull's still have a simple i,ii option

 

Thanks Mup.... you have the unique ability to find some order in chaos!

 

Just finishing of a Triangle b ,then c into the close ? ( incorrect above 1493.5)

 

Short position closed at measured move and higher high.
Prepare to short again when there is a lower low.

 

Long position entered at the double bottom. Set stop at the last low.

 

Here is an update to my trade setup from this past Tuesday morning. My buy stop is still just above Tuesday's high. I will move my buy stop to breakeven(1514) when the market trades at 1441. My target is still 1350.

Here is my trade setup... I have labeled the decline from the Oct. 11 high as wave 1 and today's high as wave 2 completing an A-B-C correction of wave 1. My trade would be to short 2 March e-mini S & P contracts at 1514. A decline below 1514(end of wave 4 of wave C) would be my confirmation that a top is in and that the Stock indices have begun a new leg down. If filled my my initial stop would be at 1533(1 pt. above todays high) for a risk of $1900.00. My target is 1350 which if reached would represent a profit of $16,400 and a reward vs. risk of 8.63 to 1. If the trade is initiated I would move my stop to breakeven when the contracts trade at 1441. Today I would place my sell stop order prior to todays Fed announcement. If the stock indices rally on the Fed news I will work my sell stop until the market trades above the Oct. 11 high

 

Position reversed. Set stop at the last high.

 

To hold or not to hold position over weekend?

 

Closed all position at turning point.

 

Horrible SPX close.
Just horrible.