Ewj: elliott wave

I'm with you Illum. I got a small short on towards the end of the day. I'm thinking wave 4 is near complete and 5 waves down may begin soon. If not 5, the B wave should start--either way, short term down. Time will tell.


On a side note--a question for you futures traders. If I wanted to put on one contract in a retirement acct. for a longer term move (assuming I can get in near the bottom of the next 5 down for a fifth of a fifth reversal) would you buy the front month and continuously roll it over or buy further out? If further out, how far out? Is there anything one should consider when not entering a front month contract?
 
Quote from ericmoles:


On a side note--a question for you futures traders. If I wanted to put on one contract in a retirement acct. for a longer term move (assuming I can get in near the bottom of the next 5 down for a fifth of a fifth reversal) would you buy the front month and continuously roll it over or buy further out? If further out, how far out? Is there anything one should consider when not entering a front month contract?
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Just my own thoughts: If your timing is very precise and lucky, 'buy and hold' a futures contract may be ok; If not, you can easily lose a lot more than your 'betting' money. I would buy a SPY call options or SSO with limited risks in that case.
 
Clearly I was wrong for today. She did reach to 50 retrace and fell back today. Im still looking for a pull back now. I guess I got in an internal argument over price vs time. Well now its both, price has been reached, I am out of excuses.
 
We were in office late Sunday evening doing some paper work & some FX stuff* so time owing claimed back this morning ....:) * ( Euro was a good move of that 1:1 off that 1.2835 area)

It didn't turn last night of a lesser abc( it only had a 2 bar momentum break) & she when higher telling us the lower delta turn was already in ..

Anyway Its coming upto those key lesser 1:1's that elo' highlighted earlier..:)

60min ES
 

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All target reached :) . Fifth wave at target :D .
Will it extend :confused: ?
Note: Check the three red lines for Sell Signals :eek: .
Symbol Last Change % Change High Low Volume Time
DJIA 7,362.64 +138.66 1.92 7,382.64 7,225.33 331,539,562 1:26 PM
NASDAQ 1,433.91 +2.41 0.17 1,445.27 1,417.57 1,025,362,326 1:26 PM
SP500 771.33 +14.78 1.95 774.53 758.84 n/a 1:26 PM

Quote from mu200411:

There may be another measured move UP as fifth wave of Wave 5)4.a to end of Wave 5)3.5:4 at 6972, 723, 1369 :) .
Wave 5)4.c may go UP to end of Wave 5)3.4 near 7350, 773, 1441 :D .
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