Ewj: elliott wave

[Landis82]

Quote from elovemer:

... could be way off here... but to me another wave down on 4 hour chart looks possible for 5 waves total on diagonal
.... which would complete the measured move on daily chart

Would love to see it!

 

[Mup]

Not many will see an LD wave 1 option...(Alt is tri)

15min ES scribble...

 

[Landis82]

have retraced about 40% thus far in the "bounce" off the 2:15PM EST. low.

50% = 136.45 SPY / 1360.75 SPX

61.8% = 136.60 SPY / 1362.20 SPX

76.4% = 136.80 SPY / 1364.00 SPX

 

[elovemer]

the low was 78 % retrace on the ending diagonal on daily

 

[Mup]

New high could be on the cards if this is the lead count...

15min ES

 

[Mup]

5 min scribble

 

[elovemer]

possible bull M if it can get down there

 

[Landis82]

Hey Mup,

the dollar really seems to be KEY right here after the last 2 days of trading . . .

How about a count on the USO and the OIH. Maybe FXE too!

thanks~!

 

[ammo]

mup,mu,landis,elo,check out the post for today at www.ptv-investing.com

 

[mu200411]

Thanks, ammo,
Just have a look. It is good.
Mu.

So it was a Bull Trap.
The UP waves looks corrective. There may be more down days.
Status:
ST long position reversed at the Bull Trap. Now hold short positions.
Strategy:
Cover ST short position if there is wave 3 up as Mup said.
Hold short position if it is wave :iii down.

Quote from mu200411:06-11-08 12:30 AM

Next new high may be a Bull Trap .