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Someone from Wall Street Oasis either has an axe to grind or is making a vague and ambiguous statement. They are a FINRA broker-dealer, and as such must file annual focus reports with the SEC. Go to SEC.gov and click the "more search options" on the homepage. Then, on the next page...

These firms below cater to recent college grads. Best of luck. http://www.firstny.com/our_training_program.html http://chimerasecurities.com/index.php?page=new-traders

snowrider, SPX did not close below the Wave [I] top, but simply breached it intraday, do you still consider that as a breach of the original wave count? By the way, futures just opened recently and look weak, ES at 1,289.

Also check your pm regarding some additional comments. It's a given that the 7 is more useful than the 56 if someone wants to go beyond the scope of daytrading at a prop. If the CBOE didn't come up with a new exam, then the 7 would have been the default exam for CBSX firms, and that probably...

Interesting comment. I noticed extremely large bids on the Level II when it dropped intraday to the offer price of $38, bids in the MILLIONS of shares per exchange, it was truly insane. The following quote is from the Greenshoe definition on Wiki, which is very telling: "The SEC...

Where is the backtest of your emotions? Markets are defined by cycles and patterns. They tend to follow prior support and resistance levels, fibonacci sequences, and fill any prior gaps (above and below). Elliott Wave is not absolute. Tactical analysis (i.e. market timing) involves short...

The cost barriers to entry for a trader joining a CBSX prop are lower, in terms of exam costs, registration costs, upfront capital contribution costs, fixed monthly costs and daily variable costs. If the goal is to trade with buying power, then one CANNOT exclude costs when evaluating a...

Agreed. Here are some points to consider: 1. Wave [I] top of 1,293 was breached intraday, but Friday's SPX close was at 1,295. 2. The SPX is nearing its 38.2% fib retracement from the October 2011 lows. Next week's price action will most likely paint the picture of whether or not the...

Yes, it does seem the S&P is heading for flatline of 1,257 for the year. However, would you change your analysis of the pending bear market if the S&P held above 1,293 Wave [1] top and reversed back up? In other words, at what point does the "ABC" correction of Wave [IV] convert into a...

The prop firms registered with CBSX will sponsor for the 56, since that is the requirement by CBOE. My understanding is they will not sponsor for the 7, although they accept traders who had prior 7's and are eligible for a waiver. I agree with your point that taking the 7 has more value...

Here is the .pdf with contact information at CBOE to order the study guide. http://www.cboe.com/publish/InfoCir/IC11-067.pdf

Good call, and the SPX breached the March low and closed below 1,340. So for the current wave count to remain intact, the third wave of [IV] cannot breach 1,293 (Wave [I] top), is that correct?

Yes, the horizontal support is definitely holding it up. Also, the market is almost equally distant from the top of Wave 3 (1,422) and the top of Wave 1 (1,293), thus causing a very choppy and rangebound current pattern. It's a classic struggle between the bulls and bears. No need for the...

Ok, so if the March low of 1,340 holds then I agree with scenario 1 that the market would rally as a wave [V] for a retest of the highs. If it doesn't, then one target for scenario 2 downtrend is the next fib level of the bigger 5 wave pattern, which happens to correspond very closely with...

Yes, the 5-wave pattern on SPY (or SPX) is well defined. 1,357 (Wave "A" low of the bigger Wave 4) was breached, however the March low of 1,340 was not. So the question is this: If the "A-B-C" of 4 is now complete, is the market now in [V]? If so, then one can view the sharp intraday...

Personally, I use thumbnails (one widescreen monitor dedicated solely to 5 min charts, in a 4 by 2 grid, so 8 stocks total). I watch for a setup based on my technical criteria and intraday volatility. During earnings season, I will add/remove stocks accordingly, based on the price action of...

Ok that makes sense, thanks for the clarification.

Just so I understand this correctly, as this is very interesting regarding the wave count, if the futures (/ES) breached but SPX did not, which takes precedence in accurately counting the waves?

Looks like futures are down big on Europe news/France election results. Wave A low of 1,357 has been breached as of Sunday evening (which was 1352.50 on the futures).

Since the 5 bar drop on Wave "A" (of the bigger Wave 4) began on April 3rd, the SPX has failed to break the 1,357 low on each subsequent retest. Although the overall uptrend is still intact, I see two possible scenarios regarding the recent weakness: 1. The SPX holds 1,370 to rally back...