C (Citigroup) forecast using Elliott Waves

Trading Strategy According to the preferred scenario, the stock has further potential to rise and probably one could even pull some profit out of such a move, however, if the outlook is correct, this growth may suddenly change into the sharp decline of the price. 1. Unless the market will provide a good opportunity to enter long in the nearest one or two weeks, we will wait for the completion of the current wave and opening short position.2. Watch the stock behavior on daily basis. 3. Should the price reach 52.88 than it means that the current outlook is totally wrong....Read more C outlook Long term C is still in the correction Wave II of the Grand Supercycle degree Impulse which is expected to complete in the price range 1.54 to 48.18, but more probably between 25.12 and 43.35. This wave is expected to complete before 04-May-2005, and must complete by 14-Oct-2033. After this wave II is complete, expect the market to continue up into wave III. Wave III should always be an Impulse and should retrace wave II completely. Medium Term In the medium term the stock is most likely in the Wave (c) of the Supercycle degree Flat which should be the impulsive wave that is expected to complete at a price no higher than 41.24, but more probably no higher than 25.56. This wave is due to complete anytime from now until 04-Jul-2014, but is most likely to complete before 04-Apr-2006. In the shorter term we observe development of the Wave II of the inverted Impulse which is expectedto complete in the price range 43.39 to 52.88, but more probably between 44.47 and 48.13. This wave was expected to complete before 31-Dec-2004, and must complete by 02-Jun-2006. After this wave II is complete, expect the market to continue down into wave III, corrective wave IV and final wave V which will complete the Wave (c) and the Wave II of the Grand Supercycle. Note: that corrective flat pattern is interchangeable with double 3 and they are different only with respect to the final wave that should be corrective for double three and impulsive for the flat. The target price range is quite similar for both patterns, however considering double 3 as an alternative may give slightly different scenario in the short term. Short Term Currently the stock is in the Wave c of the inverted Flat. It is expected to complete in the price range 44.29 to 57.13, but more probably between 47.74 and 53.15. This wave is due to complete anytime from now until 19-Jul-2007, but is most likely to complete before 06-Feb-2006. This wave will also complete Wave II of the higher order (Medium term). Wave c ought to be an impulse and now C is in the Wave 3 of the Impulse and it is expected to complete in the price range 46.57 to 52.88, but more probably between 46.97 and 50.73. This wave is due to complete anytime from now until 07-Feb-2006, but is most likely to complete before 25-Nov-2005. Note: if the alternative scenario with double three is considered, the stock is in the high probability zone of the wave d of the contracting triangle and it means that it may change the direction into the wave e any time. This would be the final wave which will complete D3.