OK HERE IS A LOOK AT ELLIOTWAVE THEORY
WE HAVE A GOOD CLEAR 1-4 COUNT WITH WAVES 2 AND 4 RETRACEMENTS GIVING US A NICE ABC CORRECTION WHICH IS EXACTLY WHAT WE WANT. TO DETERMINE THE END OF WAVE 4 I USE A 90 DAY CCI WHICH SHOULD TURN NEGATIVE (CROSSING ABOVE 0.0) AT POINT C OF CORRECTION AND TO CONFIRM I ALSO USE A 3 DAY RSI WHICH AROUND THE SAME TIME SHOULD HIT OVERBOUGHT. WE NOW HAVE A GOOD CLEAR SIGNAL FOR A SHORT TRADE TO ENTER WAVE 5 HIGHLIGHTED ON CHART, WITH QUICK INTRADAY LOOK BELOW.
I HAVE HIGHLIGHTED A FEW ENTRY AND EXIT SIGNALS ON THE CHART SO YOU CAN SEE THIS STRATEGY CAN WORK QUITE WELL TO DETERMINE THE START AND END OF TRENDS AS SOMETIMES COUNTING WAVES CORRECTLY CAN BE DIFFICULT.
TO EXIT OUR SHORT TRADE I WILL WATCH THE RSI AND LOOK TO EXIT AROUND 17 OVERSOLD. (WITH SOME DIVERGENCE TO CONFIRM UPTREND) AND WAVE 5 SHOULD NOT GO BELOW THE LOW POINT OF WAVE 3.
TO ME THIS LOOKS LIKE A GOOD BEAR MARKET TRUNCATION IF WAVE 5 DOESN'T CROSS BELOW WAVE 3 THIS IS WHERE I GET EXCITED AS WE CAN LOOK TO ENTER LONGS AND LOOKING AT THE MONTHLY I EXPECT A STRONG RALLY POSSIBLY REACHING HIGHS OF AROUND 1.0000.
HAPPY TRADING GOOD LUCK.
WE HAVE A GOOD CLEAR 1-4 COUNT WITH WAVES 2 AND 4 RETRACEMENTS GIVING US A NICE ABC CORRECTION WHICH IS EXACTLY WHAT WE WANT. TO DETERMINE THE END OF WAVE 4 I USE A 90 DAY CCI WHICH SHOULD TURN NEGATIVE (CROSSING ABOVE 0.0) AT POINT C OF CORRECTION AND TO CONFIRM I ALSO USE A 3 DAY RSI WHICH AROUND THE SAME TIME SHOULD HIT OVERBOUGHT. WE NOW HAVE A GOOD CLEAR SIGNAL FOR A SHORT TRADE TO ENTER WAVE 5 HIGHLIGHTED ON CHART, WITH QUICK INTRADAY LOOK BELOW.
I HAVE HIGHLIGHTED A FEW ENTRY AND EXIT SIGNALS ON THE CHART SO YOU CAN SEE THIS STRATEGY CAN WORK QUITE WELL TO DETERMINE THE START AND END OF TRENDS AS SOMETIMES COUNTING WAVES CORRECTLY CAN BE DIFFICULT.
TO EXIT OUR SHORT TRADE I WILL WATCH THE RSI AND LOOK TO EXIT AROUND 17 OVERSOLD. (WITH SOME DIVERGENCE TO CONFIRM UPTREND) AND WAVE 5 SHOULD NOT GO BELOW THE LOW POINT OF WAVE 3.
TO ME THIS LOOKS LIKE A GOOD BEAR MARKET TRUNCATION IF WAVE 5 DOESN'T CROSS BELOW WAVE 3 THIS IS WHERE I GET EXCITED AS WE CAN LOOK TO ENTER LONGS AND LOOKING AT THE MONTHLY I EXPECT A STRONG RALLY POSSIBLY REACHING HIGHS OF AROUND 1.0000.
HAPPY TRADING GOOD LUCK.
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