Anyone else think we make another leg lower here?

[Landis82]

Quote from jack hershey:

2008 looks, on these considered bases, to have 7 legs (just as it did at the beginning of the year) and we are in leg 3.

That is a most convoluted way of looking at the market and the "application" of Elliott Wave ( if there is one ) is the most absurd that I have ever seen.

From the October 2007 Highs, one can count 5 waves down into the March 2008 Low as applied under EWT, not 7.

Wave 1 ended in late November before giving way to a Wave 2 bounce that concluded at the late December 1498.85 High on 12/26 before embarking upon Wave 3 to the downside.

Wave 3 bottomed in mid-January, which then lead to a counter-trend A-B-C bounce in a Wave 4 that terminated at 1388.34 on Feb. 27th before the final Wave 5 to the downside into the March low.

 

[jack hershey]

Quote from Landis82:

That is a most convoluted way of looking at the market and the "application" of Elliott Wave ( if there is one ) is the most absurd that I have ever seen.

From the October 2007 Highs, one can count 5 waves down into the March 2008 Low as applied under EWT, not 7.

Wave 1 ended in late November before giving way to a Wave 2 bounce that concluded at the late December 1498.85 High on 12/26 before embarking upon Wave 3 to the downside.

Wave 3 bottomed in mid-January, which then lead to a counter-trend A-B-C bounce in a Wave 4 that terminated at 1388.34 on Feb. 27th before the final Wave 5 to the downside into the March low.

I am unfamiliar with wave theory, sorry.

 

[reno4nook]

A 'healthy market' should rebound very soon from here.

Friday's CPI number could be the torpedo that sinks the ship.

 

[ShadowTrader_08]

Futs all over the place on the LEH and economic #'s. Backing off a bit now to reality, I think.

posted todays <i>Focus Report</i> dealing with yesterday's selloff in our main thread here:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=125554

<b>Pabst</b>, nice letter you wanna trade copies for one day? PM me if I can get a copy from you.

Any move below today's low should set up the target area of 1325ish

 

[ShadowTrader_08]

So far so good as market gapped up today and then proceeded to come under pressure right around 6/9 & 6/10 lows.

The third and final installment on this whole leg lower series in our daily commentary is up at our main thread here:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=125554

We remain short SPY and would like to reassess at the 1325 target. A poorly received CPI tommorrow morning and its on.

enjoy

-shadow

 

[gobar]

cpi number came in line... so what now.. gap up and sell into the close?

 

[einai]

Numbers were in line - but I can't say that, given the Fed's current stance on inflation - these are positive. Not at all.

So if we do gap up, it won't hold long. I don't see anything in these numbers that points up from here.

DH

 

[ShadowTrader_08]

lets see what happens........

yesterday was also a pop higher on economic data which faded fast by lunchtime and made new two day lows.

Its never easy......

We've got a topping tail on yesterday's SPY which should not be violated if this scenario is to play out properly. If so, thats what stops are for.

 

[einai]

Yawn.

How long can this pumping go on...

DH

 

[stock_trad3r]

worthless thread