Ewj: elliott wave

Symmetry alert!

Check this out . . .

A 61.8% retracement of the move down off last Monday's high at 1366.59 to today's low at 1304.42 will get us back to 1342.84

Does that number ring a bell?

It was pretty darn close to last Thursday's close of 1342.70
:)

( that Thursday saw an intra-day high of 1347.66 by the way )

This was the day that "we" thought that the SPX had seen the small "b" wave pullback low and we were on our way into the small "c" of the Bigger "B".
 
NOTE:

The financials are FINALLY offering some "support" to the market. If we are ever gonna rally, we will need these stocks to "bounce" and stabilize at the very least.

We seem to be getting that today.

At some point, we should do a "count" on the XLF or some financial index cause it really is the key from here on out, I think.
 
Just done its -4.75 1:1....

This is the earlist point the (B) wave can come in, for a move of into the (C)..

Alt count is the 1:1 is a lesser "a" wave, of a larger a-b-c pattern where the higher (B) comes in at the c wave point
 

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So it was really a Bear trap with +180, +22, +42 rebound from today low to today high, a profitable buying opportunity :) , which almost reaches the measured move target of +120, +13, +22 before a significant correction.
Today pattern looks impulsive UPWARD :D , so there may be another UP move tomorrow :cool: .

Quote from mu200411:06-24-08 12:05 AM

Next new low will be fifth subwave of fifth wave, a short term buying opportunity. :)
Be-aware of a Bear Trap. :eek:
More...

Quote from mu200411:06-24-08 11:30 PM

Five waves with extended wave three. A good sign :) .
May be a another measured move of +120, +13, +22 points UP :D , after a complete a-b-c wave.
More...
 
Good stuff Mu...:)

So the Alt count of the a-b-c came in ...1313 area is the 61.8%...
Quote from Mup:
Alt count is the 1:1 is a lesser "a" wave, of a larger a-b-c pattern where the higher (B) comes in at the c wave point
More...

5min ES
 

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An ED with a developing r-sHs, at support level, near fibonacci retracement.
A good buying opportunity, with another +180, +22, +42 points target :) .
But wait for comfirmation first :confused: . :D .
 
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