Elliott wave

Hey Q,

Nice charts.
Also nice to see another EW technician on this board :)

I posted over the weekend about the tale of two tapes: SPX/NDX

It does appear the NDX wants to correct, as we both thought, but the SPX is holding it up, because it has not finished its first impulse wave.

So I see the SPX pushing higher early this week and then turning down with the NDX into a wave 2 correction. This recent top being only wave 1. Agree with your support levels.

Nice blog :)
tony
 
Thanks Tony, for the kind words

I always appreciate your master comments on your blog!

...and when (sometimes), I am in conflict with your analysis, I need to be careful ( I am in trouble :) )

Best

Q.
 
Quote from cnms2:

How did you determine these new stop levels? Are they ATR based trailing stops? i.e. 1.5 ATR?
More...

No, They are pivot points based on my math calculation of the range of the past (two/three) trading days

I tend to lower stops always, and taking profits near support resistance levels

My goal is trading with a low risk...:)

Q.
 
Thanks. :)
Quote from quintrix:

No, They are pivot points based on my math calculation of the range of the past (two/three) trading days

I tend to lower stops always, and taking profits near support resistance levels

My goal is trading with a low risk...:)

Q.
More...
 
Quote from gharghur2:

Hey Q,

I liked the action in the market today.
Just updated my site.
Are you still looking lower?

tony
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Hi, Tony

I am still bearish VST, but I agree with you..no follow thru yesterday

We could have finished the correction in 3 waves (a-b-c= instead of five waves, as expected)..but it is still early...

This bounce could be the part of the wave four

Q.
 
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