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I never said that the lengths of these legs are assumed to be EQUAL. That would be highly naive. One can calculate numerous fibonacci ratios thereof, which quite frankly aren't worth my time presenting here in the Trading Forum given that 99% of the people that frequent this forum on ET have...

Another month goes by and another month you lose money trying to PICK A TOP IN OIL and COMMODITIES. I guess that the weatherman in Des Moines didn't know that Commodities are in a Bubble!!! July Corn now over $7.00 a bushel. :D

In my opinion, the author's analogy between crude oil and California real estate does not have the kind of strong correlation that he implies it to have. It's a stretch, at best - - - especially on the supply side of his argument.

Must be nice to "paper-trade" and just keep buying these ETF's one new low after another. :p

Awesome observation. Welcome to ET!!! :D

Looks like Wave 1 down inside of this 5th was 12.20 and now we are entering fib-ratios of this for Wave 5.

The first leg down from 1440 was 70 points. Subtract 70 from the last counter-trend high at 1404 ( last Thursday ) and you get a projected target of: 1334 SPX This is a simple and equal "measured-move" from basic technical analysis.

Given that your post above is from March 14th, when the UYG around $30, I'd say that you already have nearly a 20% loss. Someday, you'll learn to use stops. :)

UYG now trading in the $24 handle. You continue to get CRUSHED with no stops, as usual. :eek:

And what does being LONG the UYG ( financials ) make you??? :p

Thanks Mup! :cool:

Hey Mup, the dollar really seems to be KEY right here after the last 2 days of trading . . . How about a count on the USO and the OIH. Maybe FXE too! thanks~! :)

Sounds like our Mr. Rennick is an Elliott Wave guru . . . ( see chart below ) :cool:

have retraced about 40% thus far in the "bounce" off the 2:15PM EST. low. 50% = 136.45 SPY / 1360.75 SPX 61.8% = 136.60 SPY / 1362.20 SPX 76.4% = 136.80 SPY / 1364.00 SPX :)

Sounds like you and he should get together and manage a fund . . . You can be long the Airlines, the DUG, and the UYG, because you are so BULLISH on the Economy, while Hedge-Fund Trader can be sitting in 100% cash. Sounds like the perfect Dynamic Duo! :p

Would love to see it! :)

Sounds like you are the one that is incapacitated and out of touch . . . http://news.yahoo.com/s/nm/20080610/bs_nm/markets_stocks_dc_19 So much for being a hedge-fund trader. :D

That's what makes ET so informative and full of VALUE. They must have allowed the "patients" at Bellevue access to the one computer that is out in the lobby. :D

Just traded a touch under the 1351.50 fib level ( 1350.62 ). Could get a bounce out of here, especially with oil tanking into the NYMEX close, off $4.25 If not, 1337 gives you the 67 SPX point "measured-move" down off the 1404 high from June 5th.

And how's your UYG doing today? 25.41 and down another 4.3% :eek: Bearish on the stock market, but BULLISH on the FINANCIALS . . . You make absolutely NO sense at all! :D