BETFI EW Count + H&S Pattern

In the chart above we have a basic Elliot Wave count on BETFI Index since February lows. The five waves completed and an ABC type correction started. We may be in the last leg (C) of the ABC correction to the uptrend which may target the 12.000 points area around the last Fibonacci retracement (61.8%) of the February - May rally.

In the chart above we also have a Head & Shoulders pattern with bearish implications below the neckline around 15.000 points. The projected target would be at least 10.000 points (roughly the distance between the head and the neckline projected below the neckline). We can notice the well defined left and right shoulders around 18.000 points, the head around 20.000 and the neckline around 15.000 points. Also note the increasing volume towards the head and the lower volume around the right shoulder.

System trading signals based on the			18-Jun-09		closing price:
	b	WAIT	HOLD+	HOLD+	Build-	h-
	ATB	AZO	BIO	BRD	COMI	IMP
Signal Trading	Buy	Sidelines	Buy	Buy	Sell	Sell
Stop Loss	0.6138	0.2611	0.1500	8.00	0.2996	0.3745
Target	0.8000	0.2200	0.1650	8.50	0.2600	0.3500
Close	0.6600	0.2550	0.1600	8.15	0.2800	0.3500
Short-Term Trend	Up	Up	Down	Up	Up	Down
Intermediate Trend	Up	Up	Up	Up	Up	Up
Long-Term Trend	Up	Down	Up	Down	Down	Down
	b	WAIT	BUILD+	h-	h-	WAIT
	PTR	RRC	SNP	TEL	TGN	TLV
Signal Trading	Buy	Sidelines	Buy	Sell	Sell	Sidelines
Stop Loss	0.3329	0.0428	0.2300	12.63	159.97	1.2305
Target	0.4000	0.0360	0.2500	11.50	145.00	1.1000
Close	0.3450	0.0420	0.2380	11.80	149.50	1.1600
Short-Term Trend	Down	Up	Down	Down	Down	Up
Intermediate Trend	Down	Up	Up	Down	Up	Up
Long-Term Trend	Down	Up	Up	Down	Up	Down
	WAIT	WAIT	WAIT	WAIT	WAIT	WAIT
	SIF1	SIF2	SIF3	SIF4	SIF5	BETFI
Signal Trading	Sidelines	Sidelines	Sidelines	Sidelines	Sidelines	Sidelines
Stop Loss	0.8560	0.7223	0.4334	0.6153	0.8935	17070
Target	0.7500	0.6500	0.4000	0.5500	0.8000	15000
Close	0.8000	0.6750	0.4050	0.5750	0.8350	15953
Short-Term Trend	Down	Down	Down	Down	Down	Down
Intermediate Trend	Up	Up	Up	Down	Up	Up
Long-Term Trend	Up	Down	Down	Down	Up	Up
	HOLD+	HOLD+	HOLD+	HOLD+	HOLD+	Hold+
	BET	BETC	BETXT	BETNG	DJIA	EURRON
Signal Trading	Buy	Buy	Buy	Buy	Buy	Buy
Stop Loss	3285	2000	315	475	8450	4.1700
Target	3500	2200	330	500	8700	4.2500
Close	3377	2089	323	485	8556	4.2256
Short-Term Trend	Down	Down	Down	Down	Down	Up
Intermediate Trend	Up	Up	Up	Up	Up	Up
Long-Term Trend	Up	Down	Up	Up	Down	Up

System trading signals based on the			15-Jun-09		closing price:
	W	WAIT	BUILD-	WAIT	WAIT	BLD-
	ATB	AZO	BIO	BRD	COMI	IMP
Signal Trading	Sidelines	Sidelines	Sell	Sidelines	Sidelines	Sell
Stop Loss	0.6185	0.2511	0.1819	7.81	0.2744	0.3948
Target	0.8000	0.3000	0.1600	9.00	0.3300	0.3500
Close	0.6650	0.2700	0.1700	8.40	0.2950	0.3690
Short-Term Trend	Up	Up	Up	Up	Up	Up
Intermediate Trend	Up	Up	Up	Up	Up	Up
Long-Term Trend	Up	Down	Up	Up	Down	Down
	W	WAIT	BUILD-	W	h-	WAIT
	PTR	RRC	SNP	TEL	TGN	TLV
Signal Trading	Sidelines	Sidelines	Sell	Sidelines	Sell	Sidelines
Stop Loss	0.3329	0.0409	0.2729	12.09	160.00	1.0788
Target	0.4000	0.0450	0.2400	13.50	150.00	1.3000
Close	0.3500	0.0440	0.2550	13.00	156.00	1.1600
Short-Term Trend	Down	Up	Up	Up	Down	Up
Intermediate Trend	Down	Up	Up	Up	Up	Up
Long-Term Trend	Down	Up	Up	Down	Up	Down
	WAIT	WAIT	BUILD-	Sell	BUILD-	HOLD-
	SIF1	SIF2	SIF3	SIF4	SIF5	BETFI
Signal Trading	Sidelines	Sidelines	Sell	Sell	Sell	Sell
Stop Loss	0.9000	0.7600	0.4836	0.6400	0.9898	18600
Target	1.0000	0.0000	0.4000	0.5500	0.8000	17000
Close	0.9000	0.7700	0.4520	0.6100	0.9250	17680
Short-Term Trend	Up	Up	Up	Up	Up	Up
Intermediate Trend	Up	Up	Up	Up	Up	Up
Long-Term Trend	Up	Up	Up	Down	Up	Up
	HOLD-	HOLD-	HOLD-	HOLD-	HOLD-	Hold+
	BET	BETC	BETXT	BETNG	DJIA	EURRON
Signal Trading	Sell	Sell	Sell	Sell	Sell	Buy
Stop Loss	3700	2300	360	540	8800	4.1700
Target	3400	2100	330	500	8400	4.2500
Close	3525	2188	342	514	8612	4.2267
Short-Term Trend	Up	Up	Up	Up	Up	Up
Intermediate Trend	Up	Up	Up	Up	Up	Up
Long-Term Trend	Up	Up	Up	Up	Down	Up