Ewj: elliott wave

[Landis82]

Crude just fell -$1.10 to $42.60 and is taking the OIH and metals and mining sector with it.

 

[mu200411]

Wave 4)b.2 turned out to be an expanding triangle .
If yes, there should be a small measured move UP soon .

 

[ammo]

expanding triangles are also called megaphones, a bearish pattern so eventually a breakout to the downside

 

[elovemer]

....consolidation is bullish
...3pm will be very interesting

Quote from mu200411:
Wave 4)b.2 turned out to be an expanding triangle .
If yes, there should be a small measured move UP soon .

 

[Landis82]

Market breaking to the downside now at 1:15PM Eastern with the SPY under 90.50

:eek:

 

[elovemer]

....above solid red line is a good thing...

 

[Landis82]

5 waves down into 89.50 SPY?

 

[elovemer]

...KEEP an eye on 2.30 pm for continuation down or not.....

 

[Landis82]

Crude now -$1.60 and tanking into the NYMEX close. ( $42.05 )

The mining, metal, commodity, and energy names are collapsing. They were providing good LEADERSHIP earlier this morning.

Looks like no one liked the ZERO percent yield on the 4-week T bill auction!

4.2 bid to cover too!

:eek:

 

[Landis82]

First leg up off the lows in November was 155 SPX points. A .618 of that added to last week's low at 818.41 targets:

914.21

Got to 918.57 yesterday.
916.26 today before selling off.

NOTE: Still have the upcoming Bradley Siderograph Cycle coming up on Dec. 14th.

http://www.amanita.at/e/faq/e-bradley.htm