Ewj: elliott wave

Prepare to reverse position if there is a another lower low.

 

It hit that MM quick enough

Another line in the sand to use ...

 

Position reversed and prepare to reverse again if reversed Head and Shoulders pattern confirmed. Whipsawed.

 

Short closed. Long opened. Set stop at the last low. Set target at 150, 15, 30.

 

Who says the market doesn't pay any attention to EW

When we gave the first price pressure point of 1498.75 yesterday

 

Position reversed with the "M" pattern at 2/3 of target. Set stop at the last high.

 

Bravo! Mup. Nice call.

 

"M" pattern confirmed. Looks like accelerating down again.

 

Now we need to see if we get a X wave ( poss a Exp flat) as we could label the move into that 1498.75 as a W

I think most will see this move of the 1498.75 as a wave 3, I'm just not happy with that count as it would mean a triangle as the W2 which is against classic rules.

The alt count would be a bear's christmas present as we would have to label the 5 waves down from the triangle as a wave I of C....

Odds favour the X though...Anything Over 123.6% or 127.2% ie below 1496-5 area will make the bears day.

 

Another 200,20,40 down move?
Impossible!