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The news today seems again to encourage the bulls and squeeze the bears.

Got out of my short position and stay on the sideline for now:-i

Hi MitchWorse, While I cannot exclude the likelihood of your label version, I still think the 5-wave label on my chart fit the E-wave pattern well, so it’s still my first preference for now. If the market is indeed in wave C and is moving down from there, then we may see another major 5-wave...

I think there's not much clean E-waves going on since March last year. So it's hard even for the E-wave gurus to predict the market under the situation. But these guys are in E-wave prediction business and they have to do it all the time. Not surprisingly they made more wrong calls at the same...

Agree that Dec. 1 is the date to watch for the current short-term cycle movement. Let's see how the market moves.

Thanks Landis. Do you mean they already saw the top of the current wave (on Nov. 16~18) and believed corrective wave is underway now? It’s good to know what the other E-wavers think at this stage :)

Are we at the end of wave-3 or the end of wave-C on the weekly chart? If so, the next price move (wave-4 or wave-1) should be down anyway. Any comments?

Hi ed, Here's the chart. The recent short-term tops are in symmetrical cycles. Since the tops are not sharp-turn top, so you may get Nov.16 or yesterday as the top or turning point. It's a little tricky here. The other tricky thing is sometimes the cycle does not repeat, sometimes it repeats...

My cycle chart suggests the SPX made the high two days ago for the current cycle. Price should go lower in the following days. If the market continues to make higher high, then my reading should be voided.

The tentative channel line

This line may offer some support

Now I see what you mean, thanks.

Hi Mu, Interesting two extreme predictions from Prechter and Neely :) >>Today low went below August's high so it could not be wave one<< Which wave one do you mean? Could you elaborate a little further?

Bad economic numbers are believed to be the cause pushing the market down today. Tomorrow is the Nonfarm report day; more volatile moves can be expected. The market movement in these two days may give clearer indication about its direction in the near future.

In fact, the futures price fluctuation in the morning are typically caused by the economic data reports (this morning was the unemployment number at 8:30am Eastern time). The fluctuations are often irrelevant to underlying trend and short lived. Sometimes the fluctuation may even let you enter a...

Daily SPX touched the P-line today. Price also made a pretty big intraday head-fake and down by 9 point at the close. Time to be cautious. If this is the end of wave-c, then there's plenty of downside ahead. But I leave this to you senior Elliotters.

For the longer-term direction, I guess many Elliotters are perhaps staring the SP-500 weekly chart and debating whether it’s moving in a-b-c or a 5-wave pattern. me too:)

SPX time cycles

The Parallel lines and the resistance on SPX daily chart

Mind you, there are a lot of scams and manipulations in stock and futures markets too. Hope you don’t close out your stock account in big disappointment 4 years later and looking for another market. :cool: Wherever there’s big money, there are scam artists around, that’s the reality...