Neely is good for ratio work eric... :)
He took 10 years to write his book & its always worth a read due to the effort put in...
I don't use his neo-wave or count styles but I respect the indepth work he's done...
Got the delta bounce :)
Its into its 61.% % which is a classic wave 2 target after a leading Diag wave 1....
Has to clear that 61.8% otherwise its test new lows time...
Might be upside down with the delta... :eek:
Its saying a bounce in the afternoon... either as a (c) wave from a triangle (B) or as a wave 2 from an LD wave 1 pattern...
It Seems Meredith Whitney didn't see eye to eye with Oppenheimer :D
Advanced GET users got their 5=1 bounce...
Are they going to waste even more time with an a-b-c pattern? (If it closes below 783 then the odds favour the run down to test that 773 area 1:1...
5min ES
Are you using ALts with in the channels elo, ?
Like that short centerline failure...... example yesterday :)
http://www.elitetrader.com/vb/attachment.php?s=&postid=2310090
Some are seeing the 5=1 target around 778 so might get a small bounce...
These lesser supports normally give way to the larger degree wave structure sooner or later with that 773 just below....
Update on yesterdays simple 1:1 chart.... elo's also pointed out the ratio's
http://www.elitetrader.com/vb/attachment.php?s=&postid=2308236
Useful those 1:1 pressure points :)
One more leg down while its not overbalancing its ALTs (+15)
240min Globex
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Oh like the Extra Opera Tabs elo, on that last P&F chart. :D :D
Must be all those screen time hours .....& we remember the good old days with the mischief "they" like to play....:) ))
Is that a New low of the ALT.... :D
Maybe its time to shake the retail traders out going into the usual 15:30-15:45 margin close outs...
I would guess retail daytraders are net short so a squeeze would be nice towards the gap....
There's a good few cycles that point to early March as a turning point. Would be a nice if they came in be it either a high or low point:D
That Armstrong date is just a "confidence" peak before things really tall off for the rest of the year...
eric,
The bulls will be still looking out for the possablity of a (d) or (B)...
The Ats will be the key ( over +12.5 correction back up) then things are changing...