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Handy those "tarffic light" Alts :) Kept us on the right side of the market for the morning trade, once it was clear its wasn;t going through that 1237.75 Looks like 5 lesser waves down so it could very well bounce or turn into a flat as ed highlights ...

Needs to quickly clear that 1237.75 ( close out) area inorder to move up sharply.. If it carn't we'd expect a move back down for a 5th wave 120 Globex with the key 1:1 line in the sand

Bull's will be hoping the 88.6% is a wave 2 low... 120min SPX

Hey TraderRob good to see your still around You have the same count as the EWI crew :) I'm still not that bearish as the lesser degree waves seem to subdivide into cleaner 3 wave counts hence more of a corrective pattern from the 2000 high such as a triangle, with this move down from...

Might still be in play for that point 8 low...

Hmm been on back ups all afternoon :( Since the floods over here the cable and phone lines don't seem to like water... Anyway again the move down was a little deeper than I first thought, but a least we had the direction correct this morning :) Speaking of ED's ed, carn't rule out this...

SPX just hit it 50% of the move from fridays low so it will be interesting to see what it does around the key level... Have to watch out that the last part of the move down into the 50% was not a C wave of a w-x-y. This would mean a lot of traders will be expecting a less wave 4 and 5 and...

Its getting there :) weekly LEH

Not technical at all these markets :D http://www.elitetrader.com/vb/attachment.php?s=&postid=2059746 in the lesser 3rd now 120min Globex

Quick scribble on the 120min Globex Incorrect above that 1275 ... If Above that 1275 we need to slide the pattern upon degree so the lesser "a" becomes the completed larger B or 2 :)

Handy that EW :D

Denying Reality hmm Though it was another thread about Paulson and Bernanke.... :D

Bigger view on the SPX Weekly SPX :)

Thanks elo :) quick scribble on USO as a rough idea of possable structure... Not to scale just to give a possable overview. This lesser "c" wave were currently in, should finish on a ratio of the lesser "a" such as 61.8, 78.6 88.6 & 1:1. It was quite a sharp "a". Which could take some...

TraderRob also had a 5th wave count at the 07 Oct high. I remember landis and I debating with TraderRob about the patten being made up of just 3 waves. So the wave is more likey corrective as part of an Exp flat b wave. Also you carn't really get a clean count on the 3rd wave ( march 03- july...

I carn't really fit a wave 1 of the july 15th lows. Impluse waves need a 5 wave structure. For a wave 1 we'd need a simple 1,2,3,4,5 or a complex leading diagonal pattern count. The pattern looks a 3 wave structure so I have to lean on some form of correcive wave. See what you think...

It would do nicely a move back up as a final C wave.. :D The 1:1 or a ratio extention (127.2 ect) of the (a) wave should be on the cards if the pattern is correct. 240min Globex

Thanks for the heads up Mike :) To expand that larger Flat wave to the daily.. If this Flat b wave pattern plays out, could it, also be hinting at an Obama victory?? If the general perception that a Dem victory will be less favorable to the markets interests.. Daily SPX

I'm still in the upward bias camp elo :) Been floods over here in the UK today so been on back up systems today :( Anyway got a sharper C than I expected (at least we had the direction correct :) & were now down in between the the 78.6% and 88.6% still would fit a (b) wave of a larger...

Can count 5 lesser waves down going into that T1 zone on the chart between the 88.6% % 1:1 (1242-1238 es) 15min ES