The market is doing an extended wave -3 - probably to fill the gap on charts to $40-$42
Always buy the small support ledge that forms between <38.2%-61.8%> pending every minor motive wave that extends on the 1hr chart (can be Elliot detailed on the 15 min)
Accumulate to close all at $40
Currently compile 1/2 contract longs at:-
Accumulate shorts into the Right shoulder of the formation
Size = 1 standard contract per $ 10000 Account - distributed as follows
limit short 10k @ $32.50
limit short 10k @ $32.60
limit short 10k @ $32.70
limit short 10k @ $32.80
limit short 10k @ $32.90
limit short 10k @ $33.00
limit short 10k @ $33.10
limit short 10k @ $33.20
limit short 10k @ $33.30
Take profit on all short holdings as compiled in accumulation zones in Idea # 7.
This is a simulated $100,000 account. Equity increase for this move is 20%. Trade duration is one week.
I have taken profit at the neckline of the double H&S formation < $31.70 >, and expect a right shoulder formation to re-short in between < $33.40 - $32.60 >.
Correction 4A of wave-3 finished @ $34.66
I expect a double top to form as shown on chart or at least an H&S.
Compile a 3 contract short position:- half of the position in the <$33-$34 zone> & the other half in <$34-$34.6> zone.
place limit sell 1/2 contract @ $ 33.10
place limit sell 1/2 contract @ $ 33.40
place limit sell 1/2 contract @ $ 33.70
Final Corrective leg (e) in Wave -A
This could spike to $38 = 78.2% of bear wave down - See Chart on past trade idea published
In the current motive advance
Buy $ 33.1 target $ 35.1 Sl 32.1
Buy $32.9 target $ 34.9 Sl 32.1
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