Here is how I see the XLE (Energy Shares ) for the next few months. I view this rally as a test of resistance and a place to begin shorting on a scale from 70-72-74 with a 76 stop. I view 64-62-60 as key support as shown on the graph. I believe that going long makes sense once the entire short position is covered. I will update and keep you all posted as this trade progresses. By: Technical Tim, Tues , 10:24AM EST 69.92 last.
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I studied EW for many years under Glenn Neely, author of Mastering Elliott Wave. What I learned was to wait until a theorized pattern completed and then take a trade, but until a conclusive pattern visibly finished, then the many alternate counts could be logically eliminated dependent upon post-pattern reaction. In other words, let me know when you think a pattern has completed :-) Cheers! Tim
2 entries so far on this XLE short position @ 70, @72, waiting for 74....