Long position closed. Short position opened. Set stop at the last high. Not a good day for trading.:eek: Edit: Gold, Crude oil, EURO, YEN: all down. Cash is king. Should have bought nothing!
A weak wave c. Should go down another measured move of 250, 25, 50 points. Plan to reverse position at target. Will accept 1/2 to 1/3 of target if wave count is ok and there is a higher high. Too many posts today. Will give summary later. Edit: Target at 13100.9492, 1435.0401, 2577.9101 still hold.
Status. Short position closed at close at 1/2 of target length because of a descending wedge and the fifth wave. Bullish Scenario 1. Minute 5)1.1 is a wave five failure. Minute 5)1.2 ended as a descending wedge yesterday. Minute 5)1.3 will begin today. Strategy 1. Open long position when there is higher high.
Sideways Scenario 2. Because the supposed 5)1.3:2 fell below the beginning of 5)1.3:1 so it was invalid. The count has to be changed to a-b-c-x which may be components of 4)c.d of an expanding triangle. Strategy 2. Open long position when there is a higher high.
Bearish Scenario 3. Minuette 4)c.3:3 is ending as a descending wedge near target 13100.9492, 1435.0401, 2577.9101 . Minuette 4)c.3:4 will make a rebound of 200, 25, 40 points to below Minuette 4)c.3:1 end at 13367, 1470, 2642 Strategy 3. Open long position when there is higher high. Set target as above.
....thanks mup.... ... until i get a better handle on counting..... .... the ED's seem like something i can spot sometimes...... ..... i know that is an incorrect approach... but..... :0) .... also looking to get into price/volume analysis.... a la Tom Williams