Elliot wavers please chime in

Hi all, I'm pretty much a struggling trader looking for a killer setup. Scrolling through my charts I've come across this setup on the weekly of the US TECH 100.
I just had a read of the elliot wave setup in wikepedia and this seems to fullfill the criteria.

What do you guys think?
Where would you enter a setup like this?
Obviously week has not closed yet, but would you enter at break of weekly candle or just straight off the open with stop being above this weeks close?

I would dearly appreciate all comments.

You cannot tell without more info to the left of your chart....I don't like anything I see there 2 and 4 are both shallow...if 1 correction is shallow, the other should be deep...1 correction should be simple, the other complex....your 3 is suspect because it is not extended and isn't impulsive enough. IF you are right, what makes you think B is done? looks like your A is 3 waves...which means flat or expanded flat....B should retrace A in a flat and exceed the origin of A in the expanded....go to a lower time frame and see if you can identify the subwaves that are creating the waves in the degree on your chart. EW is alot of work and understanding fibonacci ratios, where to draw them, when your looking for a retrace or an extension. keep going.....all this is a mass of information and to most so confusing they give up and tell others it doesn't work....after you get past learning everything you can get your hands on, you will boil it down to trading when the waves break certian rules or conform to others.....you'll learn that not all waves are worth trading...use those waves to confirm your next move is going to be correct. Good Luck

Hi waves,
Thanks for your input and analysis.
Like they say, spotting patterns is self fulfilling.
At this stage of my career I'm taking it all in and trying to comprehend all things trading. I've haven't researched EW as yet but I took one look at this chart and thought OMG it looks like a EW setup and then preceded to join the dots. Good point about B not being complete. I just picture the market rally to capitulate soon....
I put some fibs on the chart as per rules.
leg3 exceeded the 161.8 ext of leg1.
leg4 retraced 38.2 of leg3
legB is approaching the 61.8 retracement of leg A.
Charts don't go back very far sep2008.
Below is another look.
A question, if price hits the 61.8% (1925) and retraces into a bearish outside bar or pin, would that validate a possible setup in your opinion?

not for me, glad you clarified the retracements and extensions...just doesn't look right on that particular chart......sounds right for waves though.........I never guess tops or bottoms. the key to trading waves is have a count, and only trade when your count or ALT is confirmed by breaking or confirming a rule.....that will keep you out of constantly trading the waves guessing, Have a large degree count, if it looks tradeable, go to a lesser degree and confirm your count and decide what price action has to do to confirm or debunk your bias, trade when it confirms, stop loss at the point of debunk.....in this case, I would go to a 1 day chart and make sure your B is in 3 waves, an oscillator is well overbought...if this exsits, I go to a lower degree, look for the 1st impulsive drop, followed by a 3wave retrace, then trade the 1st rule breaking move, (you need to learn what the is).and then the 1st confirming point I am correct (you need to learn that too) so I have 2 positions in with the smallest possible stop losses at the point of ruin............always use money management..........good luck

Looking closer, it look like there is a lower low to the left of your first wave count....this is probably where you should start your count...and the 5 wave sequence you show is possibly all of wave 3 measure it for a total 38.2% retrace for a wave 4 in the degree waves you are counting on your chart....there is also a head and shoulders set up on a break of the neckline there..........there is a specific wave count for an "true" head and shoulders reversal pattern to exist, but even "false" ones have short term moves the result of C waves......looks like some interesting trade opportunities there.....

Thanks waves. Here is the Daily chart. It has dropped some 30 points today all ready. This too looks like a pattern, yes?
Just reading about market harmonics and I copied the 2nd head low and projected the near term 3rd head low.
Seems to be resistance at that 1873 level too.
I would really like to trade this but I don't understand patterns and entries, exits very well I'm afraid.
Stochs overbought, Macd bearish..
Also this market requires a $20 point play ( 20 contracts). Not much margin for error....

This chart looks better all the time. Those 2 downtrends with the arrow are exactly the same length so I projected the 3rd down trend if it happens and it's a 161.8 move of the previous up leg. See the fibs.
Love this stuff