Ewj: elliott wave

SPX came down to a touch below the .618 retracement.

It would be nice to hold the 1312.00 level tomorrow morning and then rally back up for a 21-point "c" wave that gets us back up to 1333 which is where resistance would be from last Wed/Thurs lows.
 
Quote from Mup

Good stuff Mu...:)
...1313 area is the 61.8%...
More...

Wiesman, brought up a point about the 61.8% on another thread, this might help..?

When measuring retracements with Exp flat patterns you always measure from the top of the proceding impluse wave...in this case the top of the (A)

The 61.8% came in around 1313.5, the market went 2 ticks below into the stops..Its always wise to give it no more than 3 ticks leaway when working on naked fibs..ie fibs with no other signifcant 1:1 ratios going into a fib ratio..

I also liked the 1313 as its a dual fib number, and these seam to also have an effect with techincal traders..

5min ES :)
 

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120min Globex chart... ( ignore the 1302 typo

Just in case its wants to morph into a larger a-b-c going into that 1309 area....got both options cover then... with this being the alt count...
 

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If it carn't clear that 123.6% ext (1330.75 area), it sets up a possable running flat (B) wave.....if it can clear it then the 1:1 is still on....

15min ES :)
 

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OIH looks extremely "toppy" and looks to be in trouble today down nearly 6% . . . USO getting hit too. Could be very supportive to the equity markets!
 
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