Ewj: elliott wave

[Mup]

Quote from Mup:

Stopped on it 61.8% never the best sign for the bulls as 61.8%'s always favour a corrective wave...

930 area is the -62.25 ALT

http://www.elitetrader.com/vb/attachment.php?s=&postid=2134545

120min Globex

Looking better 120min update

 

[mu200411]

-233, -28, -55 = Halfway to target .

 

[mu200411]

The target is the minimun.
The real target may be the support trendline.

 

[Mup]

Some will see a possable triangle with that last 61.8% pull back... Not fully convinced myself yet as I'm always a little sceptical of "standard looking" triangles but It helps to be aware what other TA traders will be looking at in case any personal count bias starts to creep in and you can adjust accordingly... Above 973 (last ALt) then the triangle becomes far more convincing....



15min ES

 

[mu200411]

Sideways movement?
Five waves DOWN three waves UP .

 

[Mup]

Seems a lot of TA traders were seeing the Triangle option then...

http://www.elitetrader.com/vb/attachment.php?s=&postid=2135088

 

[elovemer]

...right at upper... of big down channel....

 

[Mup]

e waves of contracting triangles have a habit of failing at the 78.6% (984 area on the ES) just something to keep an eye out for .

 

[Mup]

Seems TA traders think the same with "e" waves and 78.6's......

Anyway needs to move below the d wave low inorder to confirm things have changed degree and rule out one more last spike up...

15min ES

 

[Landis82]

Thanks Mup!

954.27 SPX with 1 minute left in the session!