Citigroup Elliott Wave Update

Trading strategy Look for an opportunity to enter short once the price fail to break the resistance at 50. Watch stock behavior and confirm the completion of the pattern before final decision. The price movement so far confirms our outlook. The stock entered high probability price and time target zone during the past week and very likely it is in the final wave 5 of the impulsive pattern that should complete the corrective wave in the longer time frame. After that we expect a decline of the price. There is a possibility however that the stock is still in the corrective wave 4 and after the second intermediate correction it may rise and then we again expect a strong move down. Therefore, we will watch closely the stock behavior near the resistance line at 50 and try to enter short if updated scenario supports the completion of the current pattern.