Prepare to short sell if there is a lower low. Set target at 80,8,16 points below. Set stop at the last high. Quit if stop out.
.... i would advise you to take a look at the chart again... and redraw your ascending wedge.... .... that is not what i have.... .... not saying that i am right..... just that i feel strongly that what you are showing is not quite right ... to be more specific.... i feel that the wedge should only include price points post-fomc ... see what i mean ?
Status. Long position intact. Short position closed because of new high. Scenario 1. The Dow goes up 200 - 300, 20-30, 40-60 points without corrections larger than 70, 7, 14 points if this is Minuette Wave 5)1.3:3 of Minute Wave 5)1.3 extension. Strategy 1. Keep the long position rise with the trend. Scenario 2. The Dow goes down 100,10,20 points if this is Minute Wave 5)1.2. Strategy 2. Short sell below last Monday low. Set stop at last high. Scenario 3. Still in the range of Minor Wave 4)b. Less likely now.
Elliott Wave Minor Wave Trading Strategy: When to close a long position? Status. Hold long position since September 18th, 2007 at 13537.9503 1508.76 2688.7102 Scenario 1. Microwave 4)b.c:5v.v will end near 14199, 1576, 2835. Strategy 1. Short sell near the above target when there is a lower low. Set stop at the last high. Close long position when Wednesday low is broken. Scenario 2. Microwave 5)1.3:5v.v will end near 14199, 1576, 2835, and will be followed by a 400,40,80 points correction. Strategy 2. Same as strategy 1. Scenario 3. Microwave 5)1.1:3v.v will end near 14199, 1576, 2835, and will be followed by a 200,20,40 points correction. Strategy 3. Same a strategy 1 but keep long position intact.
The target is near but who dare to short this kind of Market. The target is for today close. Intraday may overshoot the target, wait for a sell signal, i.e., lower low.
This may be Infrawave v.v:iv. The last Infrawave v.v:v will meet target or overshoot to the measured move. May be. May be not.