Dow-Mageddon- Day 1: 2nd Degree
Left Side Count: We can observe that the triple combo (wxyxz) has completed and now we are looking for buying opportunities to the upside to break the all time high this week. So the game plan is wait for sub corrections and take day trades to the upside.
Right Side Count: This count is a classic example of a bull trap, or in the words of Elliott a Flat correction. Remember from the higher degree count I shared prior to this I am forecasting a large triangle so with the thought that the wave A is complete we need to see a deeper correction than the one that has been given to us to validate this count. So up near the 90% retrace-ment of last weeks move down I expect a very strong sell off.
How do you make $$ with two opposing ideas?!
To position your self towards profit I would buy the dow on a sub correction and when it rallies a bit break even the trade. Once the trade comes near the 90% retracement monitor the reaction the the alternate count idea. If there is a strong move down, wait for a corrective move and sell. Best way to approach this without taking a loss. Good luck.
Right Side Count: This count is a classic example of a bull trap, or in the words of Elliott a Flat correction. Remember from the higher degree count I shared prior to this I am forecasting a large triangle so with the thought that the wave A is complete we need to see a deeper correction than the one that has been given to us to validate this count. So up near the 90% retrace-ment of last weeks move down I expect a very strong sell off.
How do you make $$ with two opposing ideas?!
To position your self towards profit I would buy the dow on a sub correction and when it rallies a bit break even the trade. Once the trade comes near the 90% retracement monitor the reaction the the alternate count idea. If there is a strong move down, wait for a corrective move and sell. Best way to approach this without taking a loss. Good luck.
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