Ewj: elliott wave

[Mup]

Thanks ammo...

Did you ask about the weekly $DJT ??

 

[ammo]

ya thnks for the chart, i drew tl's from 03 and we broke under it and another 1 from jan 08 and we are under that also so we'll see if it gets back over or stop at that as res,.when the factories stop ordering raw materials and shipping new product it's fundamentally bearish,it shows up 1st in the dj trans

 

[mu200411]

The Market tanked so it was an Ending Diagonal.
The Market becomes move decisive as expected and the down wave looks impulsive.
The Market rebounds from support but there is no buy signal until the resistance trendline is broken.

Quote from mu200411:06-18-08 01:35 AM

Ending Diagonal versus Diagonal Triangle Type II.
The Market tanks versus new high.

 

[ammo]

the 5 yr # is 5275 and the since jan # is 5150

 

[Mup]

TA people will be looking at this move of the morning low as a wave 4 and were now in a 5..

However we like to be a little outside the box here on this thread...So an a-b count is also vaild as part of the ED wave 2 pattern...With a move up into the C wave this afternoon..?

15min ES

 

[Landis82]

That potential "C" wave back up later this afternoon would really take some people ( and shorts ) by surprise!

 

[Mup]

123.6% area of the "a" leg is a classic flat b wave ratio...

15min ES

 

[Mup]

The 1:1 is always @ +11.5 (1346) is always the first traget for a C

Note that it didn;t bust the 123.6% & remember that 1334.5 from before..

http://www.elitetrader.com/vb/attachment.php?s=&postid=1961998

 

[Mup]

Got there

 

[Landis82]

Just traded up to 1344.61 in the SPX

A little bit more than 1.618 times that first "bounce" off the low at 1:15PM EST.

Where to now?
We have 35 minutes left till the close!