timwest
Short

Russia ETF RSX Daily Rally Appears to be Completed ABC Flat

AMEX:RSX   VANECK VECTORS RUSSIA ETF
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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.
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Nice chart! Thanks.
FYI news: http://finance.yahoo.com/news/putin-shanghai-expedition-stokes-gazprom-045434584.html
It seems a impulsive rally for yesterday :)

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where is the SL located?
+1 Reply
timwest TamirHa
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
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timwest HamedAghajani
Add indicator ATR and put the setting to 11 days. Use 3 times that ATR number and add to your entry price.
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timwest 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.
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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.
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HamedAghajani HamedAghajani
Shorted the Market With E:25.20, SL: 26.50, TP:21.00
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HamedAghajani HamedAghajani
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