I have hesitated showing this wave count because the pattern was very unclear. Let's go over how and what I'm thinking.
1. The decline from 1468 is only in three waves as noted with the blue lines. That's corrective.
2. The subsequent move up overlaps the initial decline at 1443.5 thereby negating any possibility of an impulsive count.
3. The market has chopped around taking no prisoners over the last two trading sessions making little to no technical progress.
Under these assumptions, a triangle, w.b circle is forming that would continue to whipsaw traders. This is my trade plan.
In letting the market prove itself to me, I personally would be willing to trade the market if price traces out the remaining annotations {w.(d) and w.(e)} in a three wave fashion. This is my personal trade plan.
As part of my ongoing training efforts, I will lay out a hypothetical trade so that readers can see how I apply the wave principle in my trading.
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.
======================================================================
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