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Crude remains in a downtrend from the recent highs.

The stock needs to meet several requirements before waves can be properly identified, such as; popularity, volume, does it generally move with the market, and is the historical pattern bullish. If it fails on any of these, the waves may appear for a little while but eventually the patterns will...

Correct the theory does not, but the Principle is sound and very applicable, when EW equation is solved.

My comments on your comments :) - the EW describes the market, the predictive power of EW is created by the anticipations of the observer. most need glasses! - again, most need glasses - EW covers the entire context of every market. No other TI can. - take the teachings of Elliott...

Grail, I find divergences work when a turning point is implied by EW. Tony C. who used to post on ET, has done some incredible work with SPX/NDX divergences. Here is one of his charts... http://caldaroew.spaces.live.com/

Tao, EW is a graphic representation of the investor psychology cycle. Since it is graphic it already implies technical analysis. Therefore, to attempt to read the waves without other TI is defeating the entire purpose of the exercise. Impulse waves can and do extend. Corrections can go on and...

Grail, Took a look at SIRI and if it busts out of that wedge you should get something going. Nice divergences too

We're hip!

SIRI I'll keep an eye on it. THX

What color would you like your 'doll' to be? I'll use dull pins! ;)

That's terrific! Look forward to them :)

Very well put! Trend/momentum traders play trends when there is one. EW aims to define all of the markets movement, not just the trends which are obvious to everyone. Determining the proper labeling is very dependent upon past market action. When one has the wrong count for what has already...

That's an acceptable bearish count ... yes ... which will also require new highs to be voided.

Grail, For short term trading one only needs to identify what kind of wave the market is in...true. And the greater the volume, the clearer the waves...true again.

Below is the actual S&P bear market count

Your ABC count is still a possibility until the SPX makes new highs. Which is only about 2% away from todays close. The 5 waves down, from 2000, is not a possibility. It was clearly corrective.

All the world is after a quick buck. But 95% of the quick buck winners are in debt in 5 years. The market is an intellectual test. When one consistently outperforms the market they have passed the test. Naturally, passing is not the best grade, but it does beat losing.

Funny@

Care to elaborate?

More than likely, 10 of the 10 you ask will not understand EW. If one can not get the longer term count correct, how can they know how the recent waves apply to the overall picture?