Ewj: elliott wave

[mu200411]

"Wait and see" strategy is very good. I'm not whipsawed today.

It's time to go up another 70, 7, 14 points, or else?

 

[mu200411]

Short position entered. Set stop at the last high.

 

[Mup]

Key area the 1477.5/25 on the ES

Its an ALT and 50% pressure point....

As per usual if the ALT holds its going higher, (possably part of a possable ED wave 5).

 

[mu200411]

Thanks Mup.
Mu.

Prepare to reverse position when there is a higher high.

 

[mu200411]

Position reversed. Set stop at the last low.

 

[Landis82]

Quote from TraderRob:

Here is scenario #1 my preferred count because the timeframe to form wave #2 is now equal to the timeframe of the wave I have labeled 4 and this weeks rally has stalled at the 38.2 retracement of the Oct. 11 decline.

Nice chart Rob!

 

[mu200411]

Position reversed.

 

[mu200411]

Head and shoulders.
Bear trap.
May have to reverse position again.

 

[mu200411]

Position reversed. Set stop at the last low.

 

[TraderRob]

Thanks Landis

Attached is the scenario 1 chart... notice how todays high in the S&P parallels the wave IV high as I have labeled it. It has been my experience that the IV and 4 waves often peak at similar(1489-1490) price levels. It is possible that a wave 5 decline is in order but Mup thinks we have already completed 5 waves down(scenario 2) and he is better at EW than myself so the next day or two should be very interesting!