Citigroup Elliott Wave Update

Trading strategy 1. We will continue to look for an opportunity to open short poison. 2. If the stock is still within wave 3 that will be followed by well defined correction pattern, we may be willing to open long position with the target below 52.80....Read more Elliott Analysis for C We were watching the behavior of this stock with great curiosity during last week. The development of the pattern is still within our preferred scenario, and the price high was 49.76 – slightly below the resistance line and a price range for potential entry short position and slightly below invalidation point of our current outlook which is at 52.88. According to the preferred count in the short time frame we observe Wave 5 of the Primary degree Impulse that is expected to complete in the price range 48.06 to 58.64, but more probably between 49.28 and 52.86. This wave is due to complete anytime from now until 07-Dec-2005, but is most likely to complete before 02-Dec-2005. Or the price action is in the Wave (5) of the Intermediate degree Impulse which should complete in the price range 47.81 to 57.07, but more probably between 48.59 and 51.02. This wave was expected to complete before 23-Nov-2005, and must complete by 07-Dec-2005. This is the final wave in the pattern. When completed, it will also complete wave 3 of the Primary degree Impulse. These two waves have the same target ranges. After that the price will still have potential to rise, but it should remain below invalidation point of the longer term scenario.