Ewj: elliott wave

Status: Hold long positions.
Strategy: Take profit on the ST long position at target or fifth of the fifth wave count. We are in the third wave of a fifth wave.
Quote from mu200411:
Strategy:
There is little margin of error on the down side which will make the Market go down a 300, 40, 50 points measured move :( .
The upside potential is 250, 25, 200 points :D .
More...
 
Mentioned an ED or Extention possablity in USO but forgot the Daily USO chart

I've put the conservative count on for now with the ED and the extention in with the dotted line...

:)
 

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This ED count has been on the money so far...

It would also fit with one more pull back after OE for a wave (iv) as Mike said, before going into the finial (v)th...
 

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Could well be in a lesser ed wave c pattern on the globex to finish the wave (iii) off early next week with today entering a lesser wave 4...:)

ED with in an ED....

120min scribble :)
 

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Looks like we retraced 61.8% of yesterdays rally into this morning's opening in the move down to 1414.35 SPX and have rallied back up to 1421.78

How about another 11 point move down in the SPX to finish off a measured-move A-B-C?
 
Bears would love a 1:1, although its rare you get a 1:1 on a ED wave 4...They normally have a swift A wave then choppy B followed by a failed/Double bottom C giving the W pattern people are familiar with...:)
 
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