Ewj: elliott wave

[mu200411]

It turns out to be a down move and "M" pattern was confirmed.
Looks like the Market wants to go down to measured move.

 

[mu200411]

Near measured move in the Dow and Nasdaq, 2/3 in S&P. Is it OK for the Market? There may be another wave five downward.

 

[Landis82]

Quote from Mup:

That weekly USO is looking better now...

Time for a new USO chart???

 

[mu200411]

Status:
Cut loss for the ST long position at open. ST long position opened at the fifth wave and closed at the "M" pattern confirmation.
Strategy:
Wait for the fifth wave and measured move to open long position.

 

[Mup]

Alt MOB comes in around 1396.5 on the Globex with a 50% around 1397...

As usual ,if it can hold the alt we can expect higher prices if not then 1368 could be on the cards....

120min Globex

 

[mu200411]

Measured move reached, but wave count is questionable.

 

[Mup]

Quote from Mup
Quick weekly Scribble on USO...
Done the slightly more bearish ED wave 5 option....The alt is an extention shown by the blue i,ii....
http://www.elitetrader.com/vb/attachment.php?s=&postid=1890944

That 98.68 area is key on USO for the ED wave i...

If it get much past that, then the ALt 1,2 count comes into play ....

 

[Mup]

Quote from mu200411
Measured move reached, but wave count is questionable.

W-X-Y count could be a vaild option ?

 

[Mup]

Quote from Mup:

Alt MOB comes in around 1396.5 on the Globex with a 50% around 1397...

As usual ,if it can hold the alt we can expect higher prices... [/i]

I know I go on about Alts... there a handy tool...

 

[Mup]

Speaking of Alt's.....
GLD is looking a bit more promicing for the bulls...?

Prechter has gone bearish on Gold and Siver which is usually a bad sign for the Bears.....