Screenshot 2023-10-02 at 06.48.22
Now if one exited the position at 4281 area or lightened up multiple contracts. Then I would look to enter at 4296 on right chart for long or buy. Still very choppy here bringing the larger wave C to an end, and most likely not new lows. The C wave could fail anywhere here. Most likely not as most markets to turn need some consolidation or congestion before turning which has not happened on this down move during the night.

Screenshot 2023-10-03 at 22.32.11

Getting out at Break even. I will now enter on pull back to the blue line to go south.

2023-10-04-TOS_CHARTS
Let us review this chart by analysis. This channel is a wave C. Wave C characteristics are mostly 12345 pattern. If wave A is complex or in an abc pattern. Then Wave C is impulsive with a 12345. One can draw from the beginning of wave 1 and end of wave b-blue at top of chart to end of wave 2 to create one side of the channel. This chart at the very top and more noticeable on smaller time frame has a 1-2 pattern that gave destination of the two wave.

Now theory has it that when it comes back to touch that line or goes thru it a bit. That is wave 4. Now one needs to start looking for the end.

In an abc pattern again it is most often an 12345 pattern in the C wave to determine the end.
There are progressive corrections that go in direction of the trend. That happened as seen on the lower yellow line. There is flat corrections that do not exceed the previous wave 4. The sharp wave corrections normally go back to the previous wave 2. Will be talking of this as they show up for illustration purposes of these different patterns.

Notice on the chart lines of yellow, red, and white. Often the markets will drop and then correct back to 61.8% of the fall. So that number needs to be on chart so your aware the possible turn point. I put arrows of where the measurement starts, and where it stops, and the 61.8% for each correction. If one exits, look for this as an entry point.

Another point is waves come in many sizes and one must learn how to identify at least two different chart sizes. As the charts are posted it will give a count to assist in identifying the wave.

Now the action that happened last night and today. The market corrected back to 61.8% (also known as 618) and indicates for a short. It also come back to the white line off the beginning wave 1, then touching end of wave 2, and today it almost ouched again. That should be wave 4. The smaller wave can stop anywhere after a correction of no less then 618 which is bottom of bar that the upper arrow points at. It can go as low as setting a small new low. One will watch the market to determine.

Entries can have many methods. To predict a turn point can be hazardous. I do it often and often just let a bar touch turn point and then I buy the top of that bar. Of course if in an uptrend it will be the other way around.

There is a few more things to mention, but this covers the foundation of Silly Waves.

Screenshot 2023-10-07 at 17.40.24
change the count starting from the vertical red dotted line on the left. I prefer this to be a larger wave four pattern and make far more sense. The two red horizontaldotted lines are target to start a fifth wave down. Need some consolidation here before that happens. That will be the beginning of wave five. Could fail or go to 2.618 from the abc starting 7/27

Screenshot 2023-10-10 at 08.54.48

Screenshot 2023-10-10 at 15.10.05

this is a fourth wave against the line. Need a robust new high or sell, targeting 618 around 4310. Let the market give data to confirm that.

Screenshot 2023-10-11 at 07.58.49

being an abc pattern and this should be the B wave. That one holds thru or exits and reestablishes.

Screenshot 2023-10-11 at 12.30.57
Looking to 4368 for a wave C, 12345 pattern, to begin, and should produce similar profits as wave A.

Screenshot 2023-10-12 at 05.49.53
We should have a pull back again, but the longer term trend is still up from 4552 or where ever you got in. The left charts show A wave and it should be going that much further yet, or 1618 distance for this trade. The uptrend is not over yet for my swing trade that lasts a week or three. Some may consider it a short term trade.

Screenshot 2023-10-13 at 18.51.24
The chart on the upper right. The long yellow line illustrates a wave C pattern that are In a 12345 pattern. Wave principles=P is known if one starts a line at the beginning go wave 1, and touch the top of wave 2, and extend it forward that wave 4 will come close to touching it or go just beyond the line. That will help identify wave four to know the market will turn soon. The white 3 was identified by 1618 fibonacci. Wave 3 are almost always extended and not just 1.00.

Had a bottom at label White C. From there forward I will explain in SoonPeso7 principles with other details of trading Elliott. Markets often get choppy at turn points. This market going beyond 1618+ (1.618%) is indication that it is possible that the trend will do a minor correction before going lower. A flat abc correction is possible. Wave yellow A is in.

Simple a-b pattern where blue c=a Pattern ending at yellow A. My labeling may be off here, but the reason I am this count is that the following blue a to b pattern did not have a fourth wave and therefore not an impulsive wave. So go from there.

Many will disagree with my labeling, but the main issue is in the small blue a and b. There is a consolidation low for wave 2,, but no corresponding wave 4 that should be 3-5 times larger then wave 2. Just my SoonPeso7 wav of doing things.

From Wave b down, was explosive, I thought the market corrective wave might have been flat and mentioned that in my posts. But it extended to 1618 distance. Like I always say it is a good opportunity to go long or at least exit. Now two conformations were given. Drawing a line between the blues a and the blues c, and putting it on top of the wave will create a channel to use though out the wave pattern in most cases. Also, fibonacci also confirmed the turn point with a=c not shown on chart. The market will bounce between these points.

I hope this helps others in their wave approach. Critical areas I mentioned often gets a good bounce, but one has to wait till it proves itself to know the pattern to label it I was hoping that it would be a flat wave correction which would ended around 4360. So much for hope, as reality always sets in.