Ewj: elliott wave

When both bulls and bears agree market needs a pullback before it can run any higher it often capitulates up, especially in bear markets. Looks like Nasdaq is doing just that.

Quote from Landis82:

The EW "wavers" feel that we have concluded 5 waves up and its high time for a wave (2) pullback before really blasting higher towards the 1325 SPX measured-move target.

However, today's decline in crude oil and the supportive dollar continue to help bid the stock market.

Crude is currently off -$1.27 at 117.90

If the crude can reverse, I would hasten to say that the market will come under pressure and higher energy prices will be used as an "excuse" for a pullback in the SPX to lower fib levels.

Stay tuned!
:)
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Yep.

I think that all of us here can agree that we are in some sort of a "C" . .. or the next sequence up if in fact we have finished Wave IV. Either way, the trend is up with 1325 being a target on the SPX.
 
Quote from Landis82:

Yep.

I think that all of us here can agree that we are in some sort of a "C" . .. or the next sequence up if in fact we have finished Wave IV. Either way, the trend is up with 1325 being a target on the SPX.
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Third time's a charm, huh?

Call me a pessimist, a fundamental realist or even a fellow price action reader spewing his own bias, but a stall at a perfect double top, after missing it by a tick the last run up, doesn't fair well for more longs, at least not after a big sell off for momentum. If you think we're going to 1325 from here off of a four point retrace, well, let's just say I disagree with you; and you'll not be offended by not taking your advice to blindly go long.
 
ed,
... one possible problem is that .. it seems everyone is looking for 1325.... myself included as stated earlier....
..... so it will have to go further... or fall short.... just a thought....

Quote from ed:
Elo,
Thanks for the software drawn charts.
If this trend continues and clears 1295, I am expecting about 1325 on the SPX before a downturn.... I'm watching closely.....:)
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..... yesterday (wed) ... could be weakness.... for a pullback.....
....trying to hold above down-sloping trendline formed by last daily top and first upthrust that followed it....

....chart.... possible wolfe cousin
 

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Quote from elovemer:

ed,
... one possible problem is that .. it seems everyone is looking for 1325.... myself included as stated earlier....
..... so it will have to go further... or fall short.... just a thought....
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Elo,

Thanks. You are right. I noticed everyone, including the folks at EWI, and many individual traders all expressed views on SPX hitting 1325. It is uncanny to have almost everyone on the same boat. Creepy.....:( but cautious and still sharing the same view as Mu below.....:D

Let's see how Mr Market unfolds......

Quote from mu200411:

There may be a fall back, followed by a new high.
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So a lot of people think the S&P is going to 1326, but I'm confused.

The EWI gang thinks that will be a major turning point for a massive wave 3 going down, and many of the charts I've seen on here show were are still in an uptrend.

Who's right? How is Elliot Wave theory supposed to be of any value if people are diametrically opposed?

Wave Newbie
 
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