The oil patch is at another reasonable EW entry point. [CJES]

Based on the wave count, and the wave count alone (SCE), I modeled that we might see one more move down in the oil patch (meaning oil and oil services).  CJES is one of many, many that fall into that group.  I picked it at random because you have to start somewhere.

Here is the backlink.  Please review the model chart therein and compare to the zoom in action of today.  My primary count is blue but the red model could also play out.  I don't think it is worth trying to grub every last cent out of it considering that I expect it to double over the coming months.  But it would be particularly satisfying to see the red model play out just because the waves would be clearer.  I picked the blue model as top model at this point because close zoom in shows a valid count to be present AND green 5 is now pretty close to the size of green 1.

If you are the very patient kind of gambler, just wait for CJES to break back up above $11.  That is the first confirmation that the reversal is happening.  At that point, just use tight stops.  You really cannot lose money like this if you follow the basic rules:

• don't enter a position without a valid EW reason for doing so.
• don't stay in a position if the count invalidates your EW count.

If you stick to these simple rules it will keep your herding instinct in check folks.  I think you are now reading pretty much the only EW site on the web that breaks it down into such human terms which are so clearly actionable.  These are the things that, in hindsight, I needed to hear when I was learning EW and said in the way that would have made sense to me before I "got it".