Ewj: elliott wave

...i had drawn the rising wedge incorrectly from 18.75
... you will see that if you draw it from 1535.25 daily bar ... that it fits perfectly
... 3 up touch...2 down.....
.... target was 35.25 and that has been hit......
.... further downside targets must be considered separately
 
:DBravo!!!:D
Quote from elovemer:

...i had drawn the rising wedge incorrectly from 18.75
... you will see that if you draw it from 1535.25 daily bar ... that it fits perfectly
... 3 up touch...2 down.....
.... target was 35.25 and that has been hit......
.... further downside targets must be considered separately
More...
 
The good news is "the correction has reached the target range and the Market has rebound".
The bad news is "it looks like a 5 impulse waves down", so there may be a lower low unless this is the end of an irregular correction.

Scenario 1.
Futures point to a lower start.
Strategy 1.
Sell first, ask for reason later. Close long position and sell short at open. Set stop at the last high.

Scenario 2.
The Market dips as wave b for 50,5,10 points then rebounds as wave c for another 120,14,46 points then plunges 400,40,80 points.
Strategy 2.
Same as strategy 1 but reverse position at target dip, reverse again at the second target then hold on to short position.

Scenario 3.
Everything is OK. Oil price comes down to $70, $80bn SIV is OK, all earnings up, etc.
Strategy 3.
Hold on to long position.
 
Long position closed and short position opened at open.
Now wait to see if "M" pattern fails or not. If there is a higher high then strategy 2.
 
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