Looks like a pretty bearish setup exists on BIDU over the course of the rest of the year, with a bottom expected early 2019 at the rectangle. In Elliott wave parlance, I expect that bottom to be higher than the spike low in 2015 to constitute a running flat (with the terminal point higher than the intermediate point) -- this would put the macro extremely bullish, while keeping the micro extremely bearish.
Trade closed manually:
I took profits on my short on Friday evening because I think there is a fairly gaping gap left, which is likely to be filled shortly, now that _everyone_ is certain that China is in trouble
Comment:
- will reopen shorts at the specified levels
Trade closed: target reached:
I don't think I'll re-enter shorts with that bottom coming in at cyclical support