Ewj: elliott wave

[mu200411]

Prepare to reverse position if there is a another lower low.

 

[Mup]

Quote from Mup:
Measured Move taken from e gives 1498.75

It hit that MM quick enough

Another line in the sand to use ...

 

[mu200411]

Position reversed and prepare to reverse again if reversed Head and Shoulders pattern confirmed. Whipsawed.

 

[mu200411]

Short closed. Long opened. Set stop at the last low. Set target at 150, 15, 30.

 

[Mup]

Who says the market doesn't pay any attention to EW

When we gave the first price pressure point of 1498.75 yesterday

 

[mu200411]

Position reversed with the "M" pattern at 2/3 of target. Set stop at the last high.

 

[mu200411]

Bravo! Mup. Nice call.

 

[mu200411]

"M" pattern confirmed. Looks like accelerating down again.

 

[Mup]

Now we need to see if we get a X wave ( poss a Exp flat) as we could label the move into that 1498.75 as a W

I think most will see this move of the 1498.75 as a wave 3, I'm just not happy with that count as it would mean a triangle as the W2 which is against classic rules.

The alt count would be a bear's christmas present as we would have to label the 5 waves down from the triangle as a wave I of C....

Odds favour the X though...Anything Over 123.6% or 127.2% ie below 1496-5 area will make the bears day.

 

[mu200411]

Another 200,20,40 down move?
Impossible!