Russia ETF RSX Daily Rally Appears to be Completed ABC Flat

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To all of my followers - you may not see me publish many Elliott Wave formations, but this one is far too good and far too low of a risk NOT TO publish it.

Take a look at this pattern and you will see what looks like an IDEAL, PERFECT and LOW RISK trade to sell short Russia here.

The rally is a nearly perfect example of a corrective A-B-C flat rally that corrects the impulsive decline into the lows in February.

Finding a pattern like this is exciting and I hope we can all profit from it.

Tim 10:17AM EST 5/15/2014 RSX             24.18-0.35 (-1.43%)
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Well... It ultimately made it to the generalized projection. The impulsive decline was indeed an impulsive decline and portended lower prices, but the rally went higher than expected.
Nice chart! Thanks.
FYI news: http://finance.yahoo.com/news/putin-shanghai-expedition-stokes-gazprom-045434584.html
It seems a impulsive rally for yesterday :)

where is the SL located?
+1 Reply
3 average true ranges. I use 11-day ATR.
+1 Reply
Is 25.00 a good SL. I can't calculate, what you are suggesting
timwest PRO HamedAghajani
Add indicator ATR and put the setting to 11 days. Use 3 times that ATR number and add to your entry price.
timwest PRO HamedAghajani
I put "AVERAGE TRUE RANGE" on my chart and with 11-days, yesterday's calculation was 0.471 or 47 cents. Three times 47c is 1.41 above your entry.
I did a little of bit pattern analysis, which currently I am learning. The Gartley pattern suggests a potential reversal zone between 25.05 and 25.34.
HamedAghajani PRO HamedAghajani
Shorted the Market With E:25.20, SL: 26.50, TP:21.00
HamedAghajani PRO HamedAghajani
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