Ewj: elliott wave

[Mup]

A quick SPX scribble...

 

[TraderRob]

Mup, your diagonal was right on.... that was great analysis/work!
The latest "beige book" was just announced with bearish housing and retail projections... if the market can continue to rally with this news, even I will get positive on this market!

 

[mu200411]

Prepare to close long position.
It's sheer dumb luck, I break even today with some dollars left to buy some food. Don't have to stay hungry tonight.

 

[Mup]

Back to the ALTs

A key area the 1472 area....
Either they need take a breather to absorb the supply or wide spread through it.

 

[mu200411]

The second right shoulder is forming as Minute Wave 4)c.4. The previous shoulders, the 25 dSMA and 200 dSMA will be resistance levels.

 

[Mup]

Thanks Rob

 

[mu200411]

Long position closed.

 

[Mup]

SPX 60min

Bumping against the 38.2% and it 62 (fib) points up from the low.. Again the supply needs to be dealt with.

 

[mu200411]

Open short "Short position". Set stop at the last high.

 

[Landis82]

Quote from TraderRob:

Mup, your diagonal was right on.... that was great analysis/work!

The latest "beige book" was just announced with bearish housing and retail projections... if the market can continue to rally with this news, even I will get positive on this market!

The data from the Beige Book is "old" news . . . Besides, the market wants MORE weak economic news to ensure another rate cut by the Fed.