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I warned about the possibility of trending price action and a reverse during the same day. Examining the move down off the open, it appears that wave (v) has been struck but the powerful reversal never materialized. I have relabeled the wave sub structures to better reflect the size of the...

The overnight session hasn't shown its card but we will be relying on the wave count to provide our directional bias which remains down. On Friday we had an "inside day" on a daily chart of ES1. Inside days often lead to trending price action. So be alert to this possibility. What a trader...

The Market spent most of the week falling in an impulsive manner but it doesn't appear that we have a completed wave 1 down from 2 (blue). At the daily chart level, price has yet to break the trendline. Doing so would add the the bearish case. Final confirmation that wave 2 blue has indeed ended...

Last night I gave the game plan for today's trade. Price almost reached the target of 1091.25 then headed south. I've noticed that this has happened twice this week,... where fills are scarce around my #s. I shade my orders by .50 but larger market players seem to be stepping up in front and...

Looking at the 15 minute chart, I've shown a zig-zag set up where wave a = wave c at 1091. 25. The pattern should be as symmetrical in slope as noted by the cloned blue lines. Should the market print below key support, all bets are off. Let's see what develops overnight. It is also possible...

That's exactly what we got. Here's what I'm looking for wave (iv). I expect that price will retrace to .382 in an impulsive manner, counting 5 waves, followed by a decline to complete wave (v) of 1 (red) of wave 3 down. If the count isn't complete by 1091.25, the possibility can't be ruled...

First up - I made a typo last night. Regarding " Ending diagonals make quick retracements to the origin of the pattern which is 1105.5" The level should have been 1005.5. Sorry. The pre market session indicated further weakness as the third wave down looks to be incomplete. Odds are that we...

I had been calling for a possible move beyond the June peak. It didn't happen. Yesterdays and today's strong selling pressure , the subsequent break of critical support (1103.75) and bearish technicals combined with a bearish ending diagonal ( wedge) have set the stage for a wave 3 decline that...

Correction: Key support was 1108.25. For today, the market is at a key juncture from an Elliotticion's point of view. The ON is trading heavy and price has reached critical support that I established at 1103.75. The significants of this level and the implications of a break have already been...

Price came within 2.5 points of the inital target of 1129.75. It remains to be seen if a new recovery high can be struck or if wave 2(blue) has ended. The current interpretation of the wave count from 1103.75 is open but the ending diagonal and its structure is still intact. All Fibonacci...

Here are the additional EW Fib levels and color codes created from the intraday 60 minute chart. Red- wave c =.618 wave a @ 1129.5 Green- waves (i) - (iii) = .618 @ 1133.5 (Golden Section) of the entire wave 2. Blue- wave c = wave a @ 1145.25 Purple - wave (v) = .618 wave...

final daily chart

Sorry, here's the charts in the next two posts

Turning our attention to the daily chart level, I am currently working two scenarios ( a double 3: W-X-Y) and ( an expanding flat with a wave C diagonal) for the current advance. Here's the charts for both for everyone to review. What's important to know is that it doesn't matter which way...

The market finished the week on another low volume affair. When we last spoke, I was looking at what appeared to be a triangle forming on the daily chart. The decline that I anticipated carried well beyond 1118 thus eliminating any further possibility of said interpretation. Corrective waves...

The ON session tested 1127.75 and failed. The June high was 1129.5 on the continuous contract. Jobless claims jumped by 2,000 and the market sold off. I'm looking for confirmation that a top is in place... meaning 5 waves down, followed by a 3 wave counter trend rally. Traders may want to...

Tomorrow may bring a break above 1127.5 that increases the odds of alternate counts playing out. Rather than to recreate a lenghtly blog post, you can read more about it in my July 25, 2010 blog post at: http://elliottwavelive.blogspot.com/2010/07/elliott-wave-live-week-in-review-for.html If...

This is my current view of the market as well as the anticipated direction moving forward.The Alternate labeling is below. Don't know if either pattern will complete today. If a w-x-y 4th wave correction completes as indicated, a trader may want to look at where wave w=y at 1096 which is also is...

My reasoning for the discussion board is that I have personally found EWT to be useful. For example, I am a Fib trader and EWT fits quite nicely into my trade plan as a compliment. I am looking to discuss entry, exit and stop placements as well as any indicators that other traders find...

Hello Traders, I am new to the forum and wish to start a dialog within this thread for Position Trading the E-mini S&P. For the purpose of discussion, chart levels 60 min and above are acceptable. I would like to keep the discussion(s) at a high level and strickly focused upon the Elliott...