AA Elliott Update

Trading strategy 1. We continue to seek an opportunity to enter long position when an oscillator will be in the oversold territory. 2. On Wednesday we will check which pattern will have higher rating as the price action continues to unfold. ...Read more Again we could not find a comfortable entry point for taking long position with a good risk/reward ratio. The price stays in the overbought territory and is still increasing. Possibly now we observe the second scenario assumed last week: “We had already observed completion of Wave 2, which was rather short and now the stock price is in the Wave 3 of an Impulse and it should complete in the price range 28.48 to 32.12, but more probably between 29.13 and 30.39. This wave is due to complete anytime from now until 09-Jan-2006, but is most likely to complete before 06-Dec-2005.” However right now impulsive pattern has a rating “just on the edge” and one more possibility is that in the short term we have a correction pattern. It means that in the medium term we can expect D3 instead of Flat (they are interchangeable) and consequently slightly different price and time limits for the medium term.