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Good morning guys--from the looks of it recently, Mu and Landis ;) So what's it going to be today? Has the bear resumed? Will we get at least a 38.2% retracement off of the recent 5 waves down, or will they extend?

Getting ready to go to Maui : )

He is referring to the size of your positions, not the stop. I believe he said he'd short at 850 with a stop at 912. So, the risk for the trade is 62 ES points, 3100 per contract or $6.20 per share in the SPY. In order to take this trade in the ES, you would need an account size of X x...

Not much change short term. Neely is unsure short term and advises to stay out until it is more clear. Longer term, he hasn't changed his opinion. Advising weekly traders to enter shorts at June 850 with .5% risk and 860 another .5% risk. Stops at 912. Stop expected to be lowered to 870...

I'm with Ed's count at this point. I'd like to see some retracement prior to a new advance. Maybe the market cares what I think this week. ; )

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Here is another idea for a complex correction Ed. We'll know rather soon if it works out this way. The advance from 11:15 Eastern looks to be overlapping like an ending diagonal.

I was jumping bikes off of plywood ramps proped up by stacks of car tires in '87. What happened with futures v. spot back then?

Gotcha. Thanks Mup.

Mup, I missed your post prior to posting mine. I guess I was on the same wave with you, I just missed the bigger alt a little further back.

Thanks Landis. I'm not sure if I understand your alt and stop light theory, but if I do, a break below 802 would be a bigger retracement and a good sign we're going lower for a bit.

Exited long SPY .66 / share. Short now.

I'm with you Mu. I got long the breakout looking for a move to the .618. Stop to break-even at the 50% level.

As far as Neely's count, he says the short term pattern is too complex to make trades on the hourly or daily charts. He is hourly bullish, daily bearish, and weekly bearish. For weekly traders, he advises to prepare for new shorts at the 850-860 level on a June contract. I think he is...

I am favoring their alternate count. The way it looks, if 5=1 of C, it would barely break today's low. I guess we'll know soon. If the rally continues to a 50% or 61.8% retracement, I'd me even more inclined to favor the zig zag over the flat. Besides, .618 is near the gap and a...

I've tried to attach this several times. We'll see if it works this time. Basically they said the decline from Thurs. high is a c wave of a flat and that it isn't complete. Today's advance/retracement should be the fourth wave of that C wave.

Here is EWI's current thinking for the S&P 500. They say there is an alternate count that last Thursday's high was 5 and that this last leg down was only A of ABC. They say that they don't favor this view for many reasons and that they won't wast time on it unless the market action warrants it.

Hey Landis, I was out of town and had to work today. I'll update you on their opinions tomorrow 3/31. Beers and bed tonight.

I'm on a trial of both EWI and NeoWave. They have interesting opposing opinions: Elliott Wave International Bonds - heading down S&P - ready for ABC correction after wave1 up Euro - heading down NeoWave T Notes - just issued a long signal Euro - just issued a long signal S&P -...

Thanks blnbr. I want to get the book. It sounds like quite a tome.