@cannonball6 A more conservative plan is to wait for a higher low formation, and/or close above the 10429 level (.382 of current bearish swing). By waiting, you get less attractive prices, but you are entering with momentum clearly in your favor. This is more appropriate for my position trade since I plan to add about 30% more. The target for this trade is the mid 13Ks to 14K 0.95% area since it is looking to capitalize on the broader move. One advantage to having the position trade is even if there is no clear entry, and I never add, I am still long and benefiting from any bullish momentum that materializes. I am also willing to take the risks associated with this type of position as well.
By the way, I get a lot of requests to include wave counts on my charts. I am always aware of relevant counts, but show them on my chart when they are clear and offer insight rather than confusion. This situation offers that type of clarity with the current low fitting into a minor Wave 4 bottom. Which means this count is now inline with the broader bullish premise behind this market. This type of impulse wave, especially when the market is in a Wave 4, is the simplest and most effective way to use Elliott Wave in my opinion. Since 3 waves must be in place and adhere to the impulse wave rules, Wave 4 becomes the easiest wave to anticipate.
@cannonball6 A more conservative plan is to wait for a higher low formation, and/or close above the 10429 level (.382 of current bearish swing). By waiting, you get less attractive prices, but you are entering with momentum clearly in your favor. This is more appropriate for my position trade since I plan to add about 30% more. The target for this trade is the mid 13Ks to 14K 0.95% area since it is looking to capitalize on the broader move. One advantage to having the position trade is even if there is no clear entry, and I never add, I am still long and benefiting from any bullish momentum that materializes. I am also willing to take the risks associated with this type of position as well.
By the way, I get a lot of requests to include wave counts on my charts. I am always aware of relevant counts, but show them on my chart when they are clear and offer insight rather than confusion. This situation offers that type of clarity with the current low fitting into a minor Wave 4 bottom. Which means this count is now inline with the broader bullish premise behind this market. This type of impulse wave, especially when the market is in a Wave 4, is the simplest and most effective way to use Elliott Wave in my opinion. Since 3 waves must be in place and adhere to the impulse wave rules, Wave 4 becomes the easiest wave to anticipate.
Thanks I appreciate the response