Ewj: elliott wave

Landis-Mark,
I think there may be some more correction to SPX 920 or 900 level as an "M" or sHs pattern :) .
I totally agree with the stop at Tuesday's high because there may be a measured move UP from there :D .
mu.
There were new Tuesday's intraday highs in INDU and NASDAQ but not in SPX :( .
Quote from Landis82:

Is anyone else itching to go short ( for a scalp trade ) right around these levels with a stop at today's highs?
:D
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Quote from mu200411:

Landis-Mark,
I think there may be some more correction to SPX 920 or 900 level as an "M" or sHs pattern :) .
More...

Hey Guys,

Looks like we are getting the sell-off that my gut was telling me.
Thanks so much for the kind remarks.

Interesting to note, there was a HUGE build in crude oil inventories ( +6.8 million barels ) announced this morning that really clipped crude oil prices and gasoline futures too.

As most of you know, the energy, drilling, nat-gas, coal, and commodity stocks have had a nice surge off the lows in crude recently . . . ( just check out the OIH chart for drillers, or the KOH for coal ) some as much as 30-40% in price gains over the past week or so.

Today's fundamental energy inventory news should pour a TON of cold water over these leaders and lead to a swift retracement.

Meanwhile, Investor's Intelligence announces the most Bulls vs Bears for newsletter writers since August 20th.

http://www.schaeffersresearch.com/streetools/market_tools/inv_intel.aspx

Getting a bit too optimistic here for my blood, especially given the FACT that any kind of stimulus plan out of Congress will take months; just like Paulson's TARP plan.

Market probably not too happy looking forward to a lousy unemployment number on Friday, either.

Stay nimble folks!
:)
 
It does seem like a completed 5 waves down to me.

According to Mupster's dictionary, the largest ALT was 5.55, so the first target would be 918.35.

Above that, would be looking for some resistance at 927.47. Odds favor upside if this is broken.

SPX 15min :)
 

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Five-waves DOWN as ed said.
Three waves UP and small five-waves DOWN.
There may be some more five-waves DOWN to the second target :confused: .

Edit: 01-08-09 01:04
New today's low in the DOW, SPX may follow soon :) .

Edit: 01-08-09 01:09
New today's low in the DOW disappeared :confused: :confused: .
May turn out to be a double bottom.
 

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ed pinned down the Orthodox top :cool: .
There were two 5-waves DOWN now as expected :) .
I'm not sure whether there may be the third 5-waves DOWN or not :confused: .
Quote from ed:01-03-09 07:46 AM

Thanks Felix :)
Well, the SPX did close above 918.85. Actually it hit about 50% of the a-wave @ 934.73 before falling back.... :) The odds for a continued upmove remains pretty high.

Here's an updated SPX weekly chart with some possible c-wave targets to lookout for :
0.500 934.69
0.618 953.00
0.786 979.08
0.886 994.60
1.000 1,012.30
1.236 1,048.93

SPX weekly
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...also that last high was an EXACT measured move off of the last swing....
... low at 829

... possible consolidation above 50sma on daily chart
 
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