Ewj: elliott wave

Short position opened. Set stop at the last high.

 

Stop out. Wait for another sell signal.

 

Short position opened again. Set stop at the last high.

 

Still short. Downward movement accelerated. May be third wave.

 

Gap up is less probable than gap down. Keep the short position overnight.:eek:
Keep the long position too. (Don't know what to do with it.)

 

Status:
Non-profitable long and short positions.

Scenario 1.
The Market sets up a Bull Trap by going higher than Friday high, then fall below Thursday low.
Strategy 1.
Cover short at Friday high. Re-short at the last Friday low. Close long position.

Scenario 2.
The Market keep going up.
Strategy 2.
Cover short. Look for re-short opportunity above all time high.

Scenario 3.
The Market sets up a Bear Trap by going below the last Friday low then shoots up above Friday high.
Strategy 3.
Close long positing at entry point. Cover short at Friday high and re-enter long position.

Scenario 4.
The Market drops.
Strategy 4.
Close long position.

Need to be concentrated today. Last post for today.

 

Short position covered and re-entered. Set stop at the last high. Long position closed.
Target 250,25,50 may accept 2/3 target.

 

I do like EW

 

Correction might have ended. Prepare to cover short if there is a higer high. Enter long postion.

 

This may be the last leg down. Reduce target to 200, 20, 40 from today high. Cover short when there is a higher high and enter long position set stop at the last low.