Ewj: elliott wave

Prepare to close short position if there is a higher high.

 

Short position not closed.

 

Status:
Caught on the wrong side of the Market. No long position. Short position still opened.

Scenario 1.
Minute Wave .2 had ended at around -800,-80,-140. We have seen Microwave .i, .ii, .iii, .iv and .v which is going to get above the top of Microwave .iii at open. Then Microwave .á, .â and .ã will follow and correct about 1/3 to 2/3 of Microwave .i-.v
Strategy 1.
Cover short at open. Open short position again when .v = .iii and there is a lower low. Set stop at the last high. Reverse position at the end of Microwave .ã or around 1/3 to 2/3 correction. Set stop at the last low.

Scenario 2.
Microwave .iv which is the correction of Microwave .iii is showing Tick Wave .iv:ãV which will be a Bull Trap, then the Market falls as Microwave .v.
Strategy 2.
Cover short at open. Open short position again when V = III and there is a lower low. Set stop at the last high. Set target at another 200-250,20-25,40-50 points lower.

 

Short position closed. Prepare to open short position when there is a lower low.

 

Short entered. Set stop at the last high.

 

Stop out. Wait for another lower low to enter short position.

 

Short position re-entered. Set stop at the last high.
Looks like a choppy session.

 

Looks like Head and Shoulders and Triple tops.

 

Head and Shoulders confirmed.

 

The target is approaching. Prepare to reverse position when there is a higher high and set stop at the last low.