Ewj: elliott wave

Still with the prime ED count....

Its upto to Ben to change it to the alt.....

5min ES scribble

 

This is a tough call. I should not have done it.
If there should be a buying opportunity today, one should be here if there is a higher high.

 

Four Bull Traps in a row!!!!!!!!!
Tough, HA? :eek:

 

A sell off or a Bear Trap?
Bottom fishing is risky.

 

Oh! It's a Bear Trap, at least, for today.

 

Next week move depends on how the waves look like this week.
If they look impulsive on the upside this week the Market will be up next week.
If they look impulsive on the downside this week the Market will be down next week.
In fact, looking at the closing price, we might have count the end of 4)c.5, although it was a bit too short.
In all, IMBO, in my biased opinion , the Market might go up next week.

 

Status
Sold long "Long position" below wave :i when there was a lower low as said. Enter long positions when support level hold at -300, -30, -60. Short "Long position" closed at the long "Long position" exit near +200, +20, +40. Short "Long position" re-entered at the bad call and then closed. We should have bad calls from times to times, else we will .... . Short "Long position" re-entered again at the Bear Trap when the support level hold again and closed at +200, +20, +40.
Short "Long position" entered for the last time at -150, -15, -30 when there was a higher high.
Hold long "Long position" with some decreased cost.
Strategy.
Hold long positions if up.
Close short "Long position" when the last low is broken.
Close long "Logn position" when the support level is broken.

 

When in doubt get out!
But don't do that at the bottom.

 

Still with That ED count from friday...

http://www.elitetrader.com/vb/attachment.php?s=&postid=1834006

The bears could even argue that were still in the Wave i of the ED..:eek:

 

Here is a better place to unload, +100, +10, +20 from down below, at +150, +15, +30 may be even better.