Ewj: elliott wave

Quote from ericmoles:

So a lot of people think the S&P is going to 1326, but I'm confused.

The EWI gang thinks that will be a major turning point for a massive wave 3 going down, and many of the charts I've seen on here show were are still in an uptrend.

Who's right? How is Elliot Wave theory supposed to be of any value if people are diametrically opposed?

Wave Newbie
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I know for a FACT that that is not what EWT is saying. If you must know, EWT is quite confused about the longer term count. They are not sure if the low at 1200 was the end of a (C) of Wave 4 and we are heading into Wave 5, or if we are simply entering a further counter-trend rally up to 1325 before heading DOWN in a crushing Wave 3 decline to new lows.

They are saying that either way ( whether the count is beginning a fresh advance to new highs in a final Wave 5, or is simply a counter-trend rally before a wave 3 to the downside ) they will be able to have a much more confident outlook on which count is the PRIMARY count when the market reaches the 1325 level. They will re-asses things up at that level and see what market "action" tells them.

Either way, each count still points to ( at the very least ) a measured-move back up to 1325.

As you can tell, even EWT is rather confused about where we are. Lots of "interpretations" out there that do not CLARIFY the current count.

Nothing new here.
 
Quote from Xuanxue:

Third time's a charm, huh?

Call me a pessimist, a fundamental realist or even a fellow price action reader spewing his own bias, but a stall at a perfect double top, after missing it by a tick the last run up, doesn't fair well for more longs, at least not after a big sell off for momentum. If you think we're going to 1325 from here off of a four point retrace, well, let's just say I disagree with you; and you'll not be offended by not taking your advice to blindly go long.
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I couldn't really care less what you choose to do and whether you feel it is something that would be categorized as "blindly" going along with . . .

On another note, I'm puzzled as to why you would assume that I think that the market would be heading STRAIGHT up to 1325 without any kind of a retracement.

Those are YOUR words, and YOUR assumption.
It's never been mine.
 
Quote from Landis82:

I know for a FACT that that is not what EWT is saying.
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How do you know this for a fact. I have read the May, June, and July EWT, and I haven't seen any type of alternate count other than we are in a wave C down of which waves 1 and 2 are completed.

If there is an alternate count, I haven't seen it. If you have seen it, where might I find it so I don't get suckered into one view, the short side.

Thanks
 
Hi,

Here's my first post to this forum - I hope that it wont be the last post at the same time :)

SP500 pic attached.
In shortly: impulse going on and its in the 4th wave (or 5th) phase now. I've marked the x-wave which could also be the 1st wave of 5th (depending if there will new highs).

I'm expecting to see turn @1300 pts.

I hope to see some comments about this one. Tnx.
 

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Quote from ericmoles:

So a lot of people think the S&P is going to 1326, but I'm confused.

The EWI gang thinks that will be a major turning point for a massive wave 3 going down, and many of the charts I've seen on here show were are still in an uptrend.

Who's right? How is Elliot Wave theory supposed to be of any value if people are diametrically opposed?

Wave Newbie
More...

Hi Eric

First of all, welcome.

Even among EW counters, there are many camps. Some hold a bullish view, some bearish. Some prefer short term counts while others long term.

Sometimes some counters are right, sometimes wrong. Only the market is right everytime.:D

If you have done some reading on EW, you will know that the most complex of counts happen in corrections. And that is exactly where we are now, in the monthly, weekly, daily and even hourly charts for the past 2 weeks. So I believe these complexity will throw up different views. Having preferred and alternate counts is what EW is all about.

Ultimately, take everything with a pinch of salt. Everyone is responsible for their own trading..... If you read page 1 of this thread, you will know this thread is "just for fun"....:D
 
Quote from codf:

Hi,

Here's my first post to this forum - I hope that it wont be the last post at the same time :)

SP500 pic attached.
In shortly: impulse going on and its in the 4th wave (or 5th) phase now. I've marked the x-wave which could also be the 1st wave of 5th (depending if there will new highs).

I'm expecting to see turn @1300 pts.

I hope to see some comments about this one. Tnx.
More...

Hi codf

Welcome :)

If you read the past 20+ pages, you should be able to pick up some views on where each of us in this forum thinks the market is heading.

To save you a little time, I thought the downmove from May 19 to Jul 15 is a completed 5 waves down. And we are in a correction from Jul 15th till now. That is just my view, and only Mr Market is and will be correct.....:D

Please don't let that be your last post. I think it is good to have more share their opinion...
 
Hey Ed. Thanks for the warm welcome. I agree. With the little that I have garnered, the last couple weeks have been corrective. So, I'm expecting the return to the downside.

Now, I just need to figure a way to incorporate wave theory into a trading plan to limit my risk.

Any suggestions? What has worked for others?

ps EWI is Elliott Wave Interntional. Robert Prechter, author of Elliott Wave Principle, is the head of this company and offers wave counts and other products. www.elliottwave.com
 
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