Ewj: elliott wave

[mu200411]

Short position opened. Set stop at the last high.

 

[mu200411]

Stop out. Wait for another sell signal.

 

[mu200411]

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

 

[mu200411]

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

 

[mu200411]

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.)

 

[mu200411]

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.

 

[mu200411]

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

 

[Mup]

Quote from Mup:
How about option 3 that yesterday was an A wave of one higher degree (hence the lesser a-b-c pattern into the MM breaking the lesser degree wave iv) and today is the B wave aiming for 50% to 61.8% target back up... 1561-1565 area (spx)

I do like EW

 

[mu200411]

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

 

[mu200411]

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.