Ewj: elliott wave

The ED is very common as C waves on the lower time frames. The give a way is a sharp move with only 3 waves. The first wave (i) of on ED is always the longest.

As for the current Higher count on the SPX I'd be very tempted to label the move of the Aug 16th low as part wave (i) of an ED wave 5.
 
A quick scribble chart to help show the possible Bull case ED.

We could still on be in the first part of a wave i but for ease of understanding I've labeled it complete..:D
 

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Long position closed as said. Short position closed when there is a higher high. Plan to re-enter short position if there is another lower low.
 
A INDU count, to set the seen for FED dispointment with just a quarter point cut...:D

For the bulls just pencil in a 1,2 i,ii count of the low on the 22nd of Oct.
 

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Thanks Mup for the illustrative charts.

I thinks the Market will reveal its intention on Friday, whether it is in a ã wave and will go down a little bit further or it is in a iii wave and will go up for good.

10-days chart looks like a "Flag".
 
Status:
Long position opened at the intraday reversed Head and Shoulders confirmation.

Scenario 1:
Minute Wave .2 had ended at around -820.3,-73.8,-135.86 below September high. Subminuette Wave i or Microwave .i-.v is was 273.9404, 28.88, 99.27 points long. Subminuette Wave ii or Microwave .á, .â and .ã was 212.5703, 29.47, 77.1099 points long.
Subminuette Wave iii is now 270.21, 32.99, 66.99 points long and is going to be equal to or longer than Subminuette Wave i.
Strategy 1.
Hold on to the long position. Open short position when microwave iii.v is equal to or longer than Microwave iii.iii when there is a lower low.

Scenario 2.
Minuette Wave .1:1 had ended at around -820.3,-73.8,-135.86 below September high. Monday - Tuesday Wave was Minuette Wave .1:2, had shown Subminuette Wave .1:2á, â and ã
and was 273.9404, 28.88, 99.27 points long.
Minuette Wave .1:2 may have ended at 13741.2598, 1523.2, 2787.29 or may end at 13744, 1519, 2819 when Subminuette Wave .1:2ã = Subminuette Wave .1:2á.
Strategy 2.
Open short position when when there is a lower low.
 

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Sad Movie usually ends like this.

Bull Market runs for many years. The Market tanks by surprise. Traders get out, institutional investors get in. The Market tanks further, institutional investors are in a losing positions with no more cash to shore up the Market. Those in charge step in, do some trick. The Market bounces. Those in charge say no more bail out. The big guys step out, the little guys step in. The Market tanks again. Those in charge don't answer for the calls. The little guys are left to hold the bags.

Some correction for the above chart in the chart below.
 

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