E-Mini S&P Elliott Wave Discussion: July, 2010

Tonight's post will be brief as there is not much to discuss due to the thinly traded holiday markets.Today's price action looks to have completed a small fourth wave which means that a final fifth wave should still unfold to complete w.v circle of w.5 of w. (2). In preparation for the termination of w.(2), I'm looking at the following price targets whereas,


  • w.v circle of w.5 = 1.618 RF of w.4 at 1258
  • w.v circle of w.5 = .618 {w.i-w.iii} at 1271.50
  • w.v circle of w.5 = w.1 at 1291.75

There is one more upside target at 1306.25 where w.v circle of w.5 = .618{w.1-w.3} but the current wave count appears to be to advanced for such a push.



Best of Trading
 

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its remarkable that so many continue to think that this advance from the march 09 low is a bear market bounce............march 09 ended wave C of a very large a b c irregular flat in the dow......gonna make wat happened in the 90.s look like childs play
 
Quote from da_cheif:

its remarkable that so many continue to think that this advance from the march 09 low is a bear market bounce............march 09 ended wave C of a very large a b c irregular flat in the dow......gonna make wat happened in the 90.s look like childs play
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To your point, there are a number of alternatives including your view. If you look at them... a significant pull back will occur giving traders ample opportunity to profit from either direction. Here's a link where I discussed this topic back in early Nov. At the time I had not considered your view point or a running triangle due to the fact that data was limited. Now that I have more data, I can add them to the list of alternatives.

Go to: http://elliottwavelive.blogspot.com/2010/11/week-in-review-for-11810-111210.html

Thanks for the comment.
 
<Gold/AUD ratio shows possible near term weakness in Gold bf move to 1500 region. I'm looking for an entry in Gold.. playing one more thrust upward.>

Mike, don't you think gold will hit a new high on this current move, perhaps in the next 2 days, before falling back? Thanks!
 
Quote from rbaselt:

<Gold/AUD ratio shows possible near term weakness in Gold bf move to 1500 region. I'm looking for an entry in Gold.. playing one more thrust upward.>

Mike, don't you think gold will hit a new high on this current move, perhaps in the next 2 days, before falling back? Thanks!
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I'll send you a PM on the specific but "yes" to the question in general.
 
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