Also got the lesser 1:1 @ 1406.75 area... some key techincal pressure points...The Bulls must deal with...if they carn't then the bears will at least eye a -15 point correction..
:D Page 127 in Frost & prechter for lurkers looking for more Alt wave info..:)
A quick chart to show the bear option...... Just in case Big Ben Disappoints...
Still with That ED count from friday...:)
http://www.elitetrader.com/vb/attachment.php?s=&postid=1834006
The bears could even argue that were still in the Wave i of the ED..:eek:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/16/cngold116.xml
Goldman Sachs, Wall Street's most powerful investment bank, will this week announce asset writedowns worth about $3bn (£1.5bn), its biggest jolt to date from the crisis threatening to engulf the world's...
As always there's is the Alt count... (ED count is cleaner, but as always us EW'ers have no bias either way..)
Just in case the FED or someone else wants to step in again :eek:
The Bull count option...
Key area is the 1313.5 ( alt) if we say above 1313 area then the bulls still have the ball in their court...If they carn't... its hello bears with today's move being an a-b-c...
5min ES scribble....
We now got the Measured Move back the other way :) 1324.5
We could gun the stops just above if its not finished it ED.... (count incorrect above 1330)
A bear scribble on the 5min ES
A chart of the Alts for the new posters on the Thread who might of not see Mups barmy Charts before...
Noticed we stoped on +7 , the first selling pressure Alt point... The bulls need to hold the lesser 61% pull back area from this alt to go up and test the next selling pressure points...
Still could get one more leg down into the 1:1 @ 1311.25 area... ( 1306.75 Measured Move is the limit of the ED wave 5 ie W5=W3)
If it doesn't , then the bulls will all jump in on the break of the 1319.25..
Could be in an ED pattern on the ES if its a C wave... ( alt is the W-X-Y pattern with the ED pattern changing into a lesser b wave of the Y before we get the final lesser C to complete the Y wave..
Just a scribble on the 5min ES :)