Ewj: elliott wave

[Illum]

One on Bac, Im done for the day. Choppy close, too hairy for me. I would take a Bac short but eh, Im too wary.

 

[ed]

Got a lottery ticket....

"In the stock market, when a triangle occurs in the fourth wave position, wave five is sometimes swift and travels approximately the distance of the widest part of the triangle.

Elliott used the word "thrust" in referring to this swift, short motive wave following a triangle. The thrust is usually an impulse but can be an ending diagonal.

In powerful markets, there is no thrust, but instead a prolonged fifth wave. So if a fifth wave following a triangle pushes past a normal thrust measurement, it is signaling a likely protracted wave."

 

[ed]

Quote from Mup:

The waterfall pattern the bears will be looking towards...

5min ES
http://www.elitetrader.com/vb/attachment.php?postid=2417739

Good one Mup! You saw this on May 7th!

Landis, so it was indeed the last ED on May 8th?

Possible target 868. If it extends,then 823. :eek:

ESM9 60min

 

[mu200411]

Is this the beginning of the end of this Crude Oil rally .
Note the completed "M" pattern and the bigger incompleted "M" pattern.

 

[mu200411]

I have 3 alternative counts :
1. Wave 1)-2)-3)1-3)2-3)3-3)4. This count is voided when SPX falls below 875.
2. Wave 1)-2)-3)-4). This count is voided when SPX falls below 832.
3. Wave IVc]4)a-b-c and we are in Wave IVc]5)

 

[mu200411]

The correction is 47 points deep now, but the count is not quite complete.
There may be some more DOWN move before a significant rebount.

 

[Mup]

Thanks ed

Also from the 7th of May....

Quote from Mup:05-07-09 04:18 PM
Needs to go below 891( ES) over the next few days if the delta's turned....

Its made 891 and more

I've had to take time off this week so I've missed donning the bear googles...

 

[mu200411]

Thanks Illum
Follow up the "M" .
At measured move and supporting trendline although the count is not quite complete.
mu.

Quote from Illum:05-14-09 03:26 AM

Lost my failed trendline break trade post, trying to post an M for mu. Not hiding my failure , just computer illiterate.

See if I can get this M up

 

[ed]

Heh... heh.... looks like a "mess" correction pattern again...

3-3-3-3-3-5-3-3-3-3-3 ?

Edit:
I believe this is a combination correction. If we get 9 waves, then it is most likely a triangle followed by a ABC (5+1+3).

If it is 7 waves, then could be a double zigzag or zigzag and flat (3+1+3).

If I count correctly, the 888 high in the ES about 10.20am ET is the 7th wave.

 

[Mup]

ed's covered the corrective option...

Could also be a little mischievous and make a move back towards 897... (Alt & 38.2) Below that 880 area rules out the "mischief"....

120min Globex