While the overnight session pushed the futures to the bottom range of my b wave target, the cash index landed neatly at the upper edge. While the market has now fulfilled all technical requirements of a final wave C (meaning a higher high), I'll be watching carefully to see how price reacts to the upper edges of the bearish wedge: 1050-1070. Any break below 1038 will be the first confirmation I'll be watching for. My 2nd confirmation will be a break of today's low at 1034. My 3rd confirmation will be a break of the wedge (currently at 1013 and rising), with my final confirmation being a break of our x wave at 990. Happy trading!
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Just out of curiosity how long have you been trading based on EWT? Do you base all your trades on this strategy? Has it been successful? I'm new to EWT and wondering how reliable it is.
ReplyDeleteStockfiend,
ReplyDeleteI've been doing it for a couple of years. The corrective waves are always difficult to trade and have caused me plenty of heart burn. Gov't interventions in the market have too (I'm reminded of some leaked press releases in 07 and 08 that reversed a falling market. But once you are in an impulsing market, then you just wait for the retracements and go for the swing trades.
Great thanks for that info, i read your blog daily and look forward to your posts.
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