Ewj: elliott wave

continue going down another -400, -30, -100 points to 11800, 1290, 2180 level.

 

Status.
Missing wave five again.
Short "Long position" reversed after support trendline break and there was a lower low near end of wave .i.
Sometimes the Market rebounds near the apex of the ascending diagonal triangle. Wave .i and .v should have 3 subwaves.
Strategy.
Prepare to reverse short "Short position" if there is a rebound near wave iv,

 

reverse again if the rebound falters and there is a lower low.

 

Next move down may be a Bear Trap if the Market rebounds from the supporting trendline.
Prepare to reverse short "Short Position" when there is a higher high. Resistance trendline break will be a confirmation.

 

Status.
Short "Short position" reversed as said.
Now hold "Long positions".

Next target up is 12800, 1385, 2430.

 

Next target down is 11880, 1295,2210. :eek:

 

Cup with Handle is forming. This is a bullish chart pattern. The Market may rise stedily until the rate cut.

 

The handle of the 5-day chart Cup and Handle should end soon followed by a shoot up.

20-day chart looks like a Bulkowskifs Bump-and-Run Reversal Bottoms. Target price is 02/01/08 high.

http://thepatternsite.com/barrb.html

 

Status.
Short "Long position" reversed after open when there was a lower low because of +200, +20, +40 points target, reversed at fifth wave down when there is a higher high and reversed again at sHs neckline when wave five did not appear. Short "Short position" closed at fifth wave near close because of -150, -15, -30 points down move.
Hold long "Long position".

 

Wednesday will be a make or