elliott wave analysis of xjo & spi, page-28

Hopefulone

Hello

I am simply looking for a small 5 wave decline from the year highs, thats all i am trading atm, a strong reversal above 5400 from here will negate that idea, although i will still make $$$, just not as much as i expected.

If/when we get a 5 wave decline then we have something to work with on the medium term time frames, but i simply take one wave at a time and trade it accordingly, knowing where the idea is wrong.

So in this case, i was short before the reversal, and can at least bring stops to 5400 to lock in some $$$, although i had to wait about 2 weeks for the move that i have been expecting and adding to shorts etc.

Until we see a 5 wave decline, we simply dont have any strong price action on a medium term time frame.