Ewj: elliott wave
- Thread starter mu200411
- Start date
That chart is fascinating blnbr. I have a similar 5 wave extension on the SPX daily. But with a completed, I think?, A-B-C. I am unable to short tomorrow. I can't figure what the new set will be. Either a wave 1 or an A. Either way I can't short tomorrow. What troubles me is a terrible housing number or GM bearing down could give a great opportunity to the short side... But my chart is saying, too hard for me. Up or watch it all day.
Your chart gives me pause. Different time frame and I have zero idea of the correlation. But very interesting.
Your chart gives me pause. Different time frame and I have zero idea of the correlation. But very interesting.
Thanks Illum, I like to use time cycles on my charts. Once in a while, we find a chart like that. But it can be tricky using them too. Because sometimes the cycles move in symmetrical time frame sometimes they move in fibo number time frame, sometimes none of the above but move in some odd number time frames. It takes time to gain the experience. Gann had his insights about time factor. I will take some time to read his books as well. Too much to read isn't it 
S&P seems to me uncertain which way to go at the moment. I have both small long and short positions and waiting for the market to give a clearer signal as well.
Ah, anyone please also correct the E-wave labels on my charts, if they are not correct any time, Thanks
S&P seems to me uncertain which way to go at the moment. I have both small long and short positions and waiting for the market to give a clearer signal as well.
Ah, anyone please also correct the E-wave labels on my charts, if they are not correct any time, Thanks
Wave 1) moved UP from 666.79 on March 9, 2009 to 929.58 on May 7, 2009,
a 263 points UP MOVE in 8 weeks
.
I thought there should be 23.6% - 38.2% correction in 23.6% - 50% time,
i.e., 60-100 points correction in 2 - 4 weeks .
The Market actually corrected 50 points in 2 weeks
.
This move looks corrective in 6 indices so Wave IVc]5) is unlikely.
Week 3 still has no new high, we may be in a triangle
.
After that there may be a mesured move UP 263 points to 1143 as Wave 3)
.
a 263 points UP MOVE in 8 weeks
.I thought there should be 23.6% - 38.2% correction in 23.6% - 50% time,
i.e., 60-100 points correction in 2 - 4 weeks
.The Market actually corrected 50 points in 2 weeks
.This move looks corrective in 6 indices so Wave IVc]5) is unlikely.
Week 3 still has no new high, we may be in a triangle
.After that there may be a mesured move UP 263 points to 1143 as Wave 3)
.Quote from mu200411:05-08-09 01:28 AM
Wave 1)5.5:5 ends just below the 930 limit (929.58)
The DOWN move look very impulsive
There may be a measured move DOWN
Quote from mu200411:05-08-09 11:32 AM
I thinks there should be a correction of about 60 - 100 points for 2 - 4 weeks.
219, 70, 28 points drop today is a good start
Hope Mr. Market doesn't think otherwise
Since Mu has mapped out the triangle option, I thought I'll cover another perspective....
On the ESM9 daily, it could pass off as a zigzag wave (2) up. Naturally, with this count, the previous high of 929.50 cannot be breached. This count ties-in nicely with a possible wave 3 up in the VIX daily as well....
On the triangle option, yesterday's "D" wave up should meet some resistance around the 78.6% and 88.6% retracement at ~914.75 and ~919.50 respectively. Above 923.50 makes the triangle less likely.
Can someone verify the daily volume on ESM9 yesterday? My chart says only 34,145. Thanks!
ESM9 Daily
On the ESM9 daily, it could pass off as a zigzag wave (2) up. Naturally, with this count, the previous high of 929.50 cannot be breached. This count ties-in nicely with a possible wave 3 up in the VIX daily as well....
On the triangle option, yesterday's "D" wave up should meet some resistance around the 78.6% and 88.6% retracement at ~914.75 and ~919.50 respectively. Above 923.50 makes the triangle less likely.
Can someone verify the daily volume on ESM9 yesterday? My chart says only 34,145. Thanks!
ESM9 Daily