If your a fan of Hockey or Soccer (Football) you probably have screamed SHOOT! when your favorite team appears to have a golden opportunity to score. Looking at this week's chart has me screaming SHOOT! Unlike being a low risk sports spectator, my scream requires a little more discipline (since I HATE to lose).
I've zoomed in to show my primary Elliott Wave read of abcde (added in RED to illustrate) for wave 4 as described in my earlier charts over several weeks. My alternate (and a close 2nd) is that wave 4 ended at "c" and we've already started wave 5. Now consider what this means. Both cases point to higher prices.
Wave "e" is generally shorter than the others. Triangles of this type are normally exited in the direction they are entered (in this case up). If we're in wave 5, we're already in wave 3 of that wave 5.
We have a pullback in progress that can close a gap around 2697, where the 20d exponential moving average sits. We also have support around 2674 at the low of 5/9/18 where prices moved higher. Any decline is consistent with either of the 2 reads. So what to do?
SHOOT! (but using probability and a stop at 2697 or 2674). If you're more conservative consider waiting for those lower support levels (as shown in YELLOW), or at the recent high of 5/14/18 if surpassed (near 2742).
A multi-step position can also help manage risk (or nerves).
I've zoomed in to show my primary Elliott Wave read of abcde (added in RED to illustrate) for wave 4 as described in my earlier charts over several weeks. My alternate (and a close 2nd) is that wave 4 ended at "c" and we've already started wave 5. Now consider what this means. Both cases point to higher prices.
Wave "e" is generally shorter than the others. Triangles of this type are normally exited in the direction they are entered (in this case up). If we're in wave 5, we're already in wave 3 of that wave 5.
We have a pullback in progress that can close a gap around 2697, where the 20d exponential moving average sits. We also have support around 2674 at the low of 5/9/18 where prices moved higher. Any decline is consistent with either of the 2 reads. So what to do?
SHOOT! (but using probability and a stop at 2697 or 2674). If you're more conservative consider waiting for those lower support levels (as shown in YELLOW), or at the recent high of 5/14/18 if surpassed (near 2742).
A multi-step position can also help manage risk (or nerves).