Ewj: elliott wave

Mup, time to revisit the OIH chart!
221 HIGH today and then backed off all the way to the 38.2% retracement of the rally up from last Thursday intra-day . . . at 214.00

:)
 
......darn program is giving me a more bearish wave count.... after today's action

.....now it says we may have just finished wave B of an ABC correction.... with 1253 being the end of wave A
 

Attachments

Quote from elovemer:

......darn program is giving me a more bearish wave count.... after today's action

.....now it says we may have just finished wave B of an ABC correction.... with 1253 being the end of wave A
More...

You dont need a program to tell you were going below 1253 :)

I believe the real decision will be between 1230 and 1250 ... if it breaks , then i gess we will have a very depressive bear market on our hands :)

This is because since the bottom below 800 to 1230, i count a primary cycle 1.
 
Status:
Zero position.
Strategy:
Prepare to play the short side of the Market when the last supports fail. Buy if there is a higher high at support.
INDU is at 38.2% retracement.
SPX is at wave four of a lesser degree and the reverse Head and Shoulders neckline.
3 complete waves from the last high, may be a-b-c or 1-2-3.
 

Attachments

Do we need one more wave lower to complete a 5 wave structure..?

The other option is we've had a failed 5th on the overnight and we get a corrective move back up....

120min Globex :)
 

Attachments

We hit some nice support levels yesterday with a quick spike down below them to 1391.90 SPX. I think we are going to "bounce" back up here . . . with a 2-day rally back up to the 1411/1424 levels.

Then, after such a bounce I can see a 5-8 session decline down to the 1374/1362 levels.
 
You must log in or register to reply here.
Back
Top