Earlier today I provided an intraday update for the emini S&P where I was looking for a further decline in the market as show in the chart shown below.
To learn more about my initial thoughts,
click here .
Moving forward, the market put in a new high .25 above my w.(b) crest then proceeded to close weak for the session. I've adjusted the w.(b) label accordingly.
The above chart is a daily session charts that has been updated.
A Hypothetical Trade
For tomorrow, my elliott trade plan is simple.
(1) A loss of critical support bolsters my preferred wave count and negates any thought of an alternate triangular pattern developing. Downside targets may be achieved before any re-test of the 1468 high.
(2) If I was short this market from above 1459, my initial stop would have been placed above 1468. Based upon the close, I would move my stop to (1) tick above the w.(b) crest. Any advance above the w.(b) crest at this juncture would most likely produce an assault of 1468 and heighten the probability of a further advance to new highs in this market.
Note: neither of the charts presented take into account the globex session therefore you should cross reference cited levels with those charts.
There is allot of news flow tomorrow so I'll be monitoring this one closely.
Best of Trading
======================================================================
ElliottwaveLive is not an investment advisory service or broker dealer. None of its contributors are registered investment advisors, licensed stock brokers or CTA's. The author may hold short term and long term positions in the futures, stocks and ETF's discussed herein. The author may also trade around those positions which may be in direct conflict with your positions. Complete trade disclosures of the contributor’s holdings are posted at www.elliottwavelive.blogspot.com. See Trader Disclosure.
Trade at your own risk. The blog site, Newsletter and all other information, material and content accessible from this Site (collectively, the "Content") provided herein provides the context for market analysis with respect to a market's, a security or a commodity's general position utilizing the Elliott Wave Principle. The Content contained herein are the opinion and general comments of the author and is based upon information that Mr. Sinibaldi considers reliable but neither ElliottWaveLive nor he warrants it's completeness or accuracy and it should not be relied upon as such. Mr. Sinibaldi or ElliottWaveLive (collectively, referred to as “EWL”) are not under any obligation to update or correct any content provided on this website. Any statements and or opinions are subject to change without notice. The content and comments contained herein neither purports nor intends to be, specific trading advice. It has been prepared without regard to any particular person's investment objectives, financial situation and particular needs. Information should not be considered as an offer or enticement to buy, sell or trade.
A more and comprehensive Risk Disclaimer and Disclosure Statements is available within the left margin of this blog site.
======================================================================
CFTC RULE 4.41 - HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY, COMMISSION AND SLIPPAGE. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL, OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DISCUSSED WITHIN THIS SITE, SUPPORT AND TEXTS. OUR POST(S), SHOULD BE USED AS LEARNING AIDS ONLY AND SHOULD NOT BE USED TO INVEST REAL MONEY. IF YOU DECIDE TO INVEST REAL MONEY, ALL TRADING DECISIONS SHOULD BE YOUR OWN.
======================================================================
Fair Disclosure Notice: I do not have a position in any of the aforementioned futures markets or securities related to this article.
No comments:
Post a Comment