Ewj: elliott wave

[Landis82]

OIH is off nearly 14% today.
Energy names and drillers getting absolutely "ripped".

Paulson continues to show the markets that he has very little credibility.

 

[Mup]

Getting close to that larger 1:1 @ 766
Throught that so 726 next magnet..

http://www.elitetrader.com/vb/attachment.php?s=&postid=2186210

 

[Landis82]

772 SPX last

 

[Mup]

That weekly SPX Chart 2002 low...

766.63

 

[Mup]

Next stop 726 then...

90min SPX ED chart...

 

[Mup]

Quote from mu200411:

Next MM may send the Market down to 770.

Got there and more beside

good call

 

[Landis82]

Traded down to 747.78 SPX before a slight bounce into the close.

 

[Landis82]

By the way, the credit markets just traded to an unprecedented historical extreme today, as market participants chased YIELD in the long-end of the Treasury market . . . with the long bond +3 and 3/4's of a point during the day session, and surging yet another 3 POINTS after the 3PM Eastern close!

Reminds me of Crude over the Summer when it traded up into that $147 high and all the back months were in a hugely crazy contango!

 

[Landis82]

1.382 x 170 (wave i ) = 235

1007 - 235 = 772


1.618 x 170 = 275

1007 - 275

732

 

[elovemer]

...hit bottom of 30 min channel...
...could be good for a bounce toward centerline