Ewj: elliott wave

[mu200411]

Long position is still intact.

Scenario 1.
No low below Friday low. Failed Triple Top or fail Head and Shoulders turn into a Bear Trap which will push Market up today. This is likely since Friday looked like a minor correction in an uptrend.
Strategy.
Wait for 5 waves count up move of around 200, 20, 40 points then short sell.

Scenario 2.
There is a low below Friday low and turn Friday corrective waves into 5 waves down which may be an impulse wave downward. Must be more alert because wave 5 can be much shorter than expected.
Strategy.
Wait for a-b-c up, then down below wave 5 then short sell, set target at measured move of the 5 waves down.

 

[mu200411]

Target reached earlier than expected with 5 waves counted, who dare to short here?!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[mu200411]

There will be a lower low in a few minutes, short after the low broken, set stop at the last high.

 

[mu200411]

The Last Peak may be Microwave V)IVc]1)2.c:5ã.v

 

[mu200411]

No lower low, not short yet, wait for another lower low.

The Market looks like it likes the fourth most bullish count, slope steepened.

 

[mu200411]

The Market looks set to drop now.

 

[mu200411]

That's it, five wave down. Looks like impulse wave down now.
Short here, set stop at last high.
Should have wait for another low to be broken.

 

[mu200411]

Oh! yes, an lower low. But who dare to hold a short position overnight.

 

[mu200411]

Third lower lows now. More room to breath. Consider hold short overnight.

 

[mu200411]

1-2-3-4 wait for 5 or a-b-c and the new high?