Ewj: elliott wave

Looks like ed iii would probably finish outside of regular trading hours (Sunday evening?) and then start the day on Monday with a ed iv drop.... :)

Been a choppy week... Next week would be fun... :D
 
Quote from Landis82:

I know that many of you might be getting TIRED of me talking about the OIH . . . but the fact of the matter is that this market will NOT GO DOWN until the OIH starts heading down.

Crude needs to sell-off in order to turn this market back down again. The SPX/CL correlation since the March 6th low is extremely high.
More...

I enjoy your OIH views. I watch CL everyday and it's great to hear from someone with experience. I have read though this site http://www.futurecasts.com/Default1.html#Great Depression Chronology, and it shows a rally fading when commodities began to fall during the early 30's. Site has a nice time line for last Depression. The fall to new lows 666, the 3 wave down, started with CL. It was right around the time Barron's was saying buy Oil.

Wherever we go, Oil will help us see.

My attempt at EW shows Crude in Wave 3. I'm a bit concerned it never goes to W4 or W5. I have been seeing a lot of 3 wave sets. I'm daytrading at this point in etfs. I'm too bearish to hold anything for more than a day. Well I did take a shot at X short side, nothing to show for it. Swing trading not helping me. Thx for the looks at OIH through more experienced eyes, it really helps.

Here is a look at crude from my meager chart skills. Looks strong, but I'm still scared off. 5/1 was a beautiful breakout that I missed. Maybe next time
:)
 

Attachments

First of all, I’ve made a EW AEX and there were no bullish scenario's at all so i have my doubts about the bullish outlook presented in this SnP scenario's.

The alt 5 scenario derives from the 1-5 downward count 2008-2009...
 

Attachments

There are some divergences :confused: ;
INDU, UTIL = new high.
SPX = equal high.
NASDAQ, TRAN = no new high.
P&F Bullish Price Objective for SPX = 935.

When the last Bear turns bullish the Market plunges.
 

Attachments

You must log in or register to reply here.
Back
Top