Ewj: elliott wave

[Landis82]

Mup,

But can you imagine how much fun it would be to head ALL the way back UP to the .618 at 1348-ish first and get EVERYONE BULLISH???

 

[Mup]

It would do nicely a move back up as a final C wave..

The 1:1 or a ratio extention (127.2 ect) of the (a) wave should be on the cards if the pattern is correct.

240min Globex

 

[elovemer]

...Mup... i am glad to know that you are long also...
.....but it seems that i am the only one who is looking at a wave 2 bottom here....for a long term hold
.....after all... if you can catch a wave 2.... there is not longer a need for intraday trading at all.....

.....Landis... here is a 60 min count for you.... i will work up my daily count as well
....count is in roman numerals... NOTICE that wave 3 is not the smallest wave

Quote from Landis82:
Elo,
Nice Call!
Can you post a Daily Chart showing what you believe the current count is?
Thanks.

 

[elovemer]

...Landis.... here is my daily count....
...edit... news like what you referred to ... is fitting to be released after a bottom is MANUFACTURED :0)
----------------------------
Rumor that Fannie and Freddie will be "backstopped" by the Government.
An announcement due out over the weekend, so it has been rumored.

 

[Mup]

I carn't really fit a wave 1 of the july 15th lows.

Impluse waves need a 5 wave structure. For a wave 1 we'd need a simple 1,2,3,4,5 or a complex leading diagonal pattern count.

The pattern looks a 3 wave structure so I have to lean on some form of correcive wave.

See what you think on a 120min SPX chart ?

 

[Landis82]

Folks, the market is flying in after-hours.
The SPY is indicating that the futures will be +16.00 on Monday!

 

[elovemer]

...mup....
my wave 1... is not visible on the daily chart.....
.... only on the hourly..... :0)
.... my wave 1 ... is that first section of your wave A....topping at 1235
....my wave 3 ... tops at your wave A top
...my wave 5 ... tops at wave C top
.... in any case... IF it is a wave 2 bottom which i believe to be the case....there should be plenty more chances to get long
..... if not.... then let's go to 1075 ....

Quote from Mup:
I carn't really fit a wave 1 of the july 15th lows.

 

[elovemer]

....the green circle... gave birth to the brown circle :0)

 

[mu200411]

The Good.
So it was a 60, 8, 10 points rebound before a -220, -28, -60 points decline .
Wave ii might have just ended and Wave iii begun .

Quote from mu200411:
-334, -36, -69 :eek:
Target reached. What next?
A 100, 10, 20 points rebound then another -350, -35, -70 downword .

 

[mu200411]

The Bad .
750, 85, 190 points drop in five days is not to be taken lightly :eek: .
It may be the beginning of a bigger move, i.e., Wave 4)c.5 which may bring the Market down to top of Wave 1) .