Ewj: elliott wave

[Landis82]

The SPY's came off hard from that re-test of the high at 86.95 just before 12 Noon Eastern and crapped-out all the way to 85.55

They retraced exactly .618 on a bounce and are now continuing to trade lower in "grinding" fashion.

Should be interesting to see if they can hold that 85.55 area and mount a move back over the .618 at 86.40

Stay tuned.

EDIT: Just broke the 85.55 low at 1:24PM
A-B-C target is 85.00 pm the 1-minute chart.

 

[Mup]

I'll be changing outlook as well if that 1:1 into a 61.8% @ 866 (ES) area gets busted...

While its below , I'm still on the bear bus (or ship)

120min Globex

 

[ed]

Quote from Mup:

I'll be changing outlook as well if that 1:1 into a 61.8% @ 866 (ES) area gets busted...

While its below , I'm still on the bear bus (or ship)

120min Globex

I'm glad I didn't have to use the lifejacket. Almost did....

Anyway, with the SPX below 848.01 and 850.54 now, I cannot think of anymore bull counts for it to move up unless it is an ED. Can you?

Perhaps the beige book release at 2pm ET would "unleash" the sell orders?

 

[Landis82]

The Port Authority of NJ received ZERO bids for $300mm in paper . . . Commodity stocks have rolled-over out of their oversold bounce . . . Crude is unchanged.

84.60 SPY was .618% retracement on the day.

Currently: 84.25

 

[elovemer]

....that one is starting to look very good now....

Quote from Mup:
I'll be changing outlook as well if that 1:1 into a 61.8% @ 866 (ES) area gets busted...
While its below , I'm still on the bear bus (or ship)
120min Globex

 

[mu200411]

The answer is NO :eek: , when there is a lower low.

Quote from mu200411:12-03-08 11:54 PM


Is there another five waves UP .
Wait for reply from the Market .

 

[Landis82]

Just retraced .786% of today's rally.
Time for the BEIGE BOOK!
:eek:

We'll probably "bounce" off the negative report, which finally highlighted weakness in the mining and commodity industry sectors.

 

[elovemer]

...11.58am..... 2.07 pm

...anybody have any resource tips on program activity analysis ?

 

[Landis82]

Quote from Landis82:

We'll probably "bounce" off the negative report, which finally highlighted weakness in the mining and commodity industry sectors.

Wowwwww!!!
Another run of the mill 25-point rally.

 

[ed]

Quote from ed:
Anyway, with the SPX below 848.01 and 850.54 now, I cannot think of anymore bull counts for it to move up unless it is an ED. Can you?

Ascending wedge?

Expanding Diagonal?

See what you think....

SPX 30min

Edit:
Reference "a" wave:
0.618 = 854.88
0.786 = 860.31
0.886 = 863.55
1.000 = 867.23