Ewj: elliott wave

I am favoring their alternate count. The way it looks, if 5=1 of C, it would barely break today's low.

I guess we'll know soon. If the rally continues to a 50% or 61.8% retracement, I'd me even more inclined to favor the zig zag over the flat.

Besides, .618 is near the gap and a measured move (A=C) from the .618 area would land the SPY at ~75.88, right between EWI's support lines and their prior 4th wave low.
 
As far as Neely's count, he says the short term pattern is too complex to make trades on the hourly or daily charts. He is hourly bullish, daily bearish, and weekly bearish.

For weekly traders, he advises to prepare for new shorts at the 850-860 level on a June contract.

I think he is expecting another powerful short side move to take out old lows. This is in stark contrast to EWIs theory of a multi month rally.
 
Quote from mu200411:

Higher high :) .
Should reach measured move as expected :D .
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I'm with you Mu. I got long the breakout looking for a move to the .618. Stop to break-even at the 50% level.
 
Quote from ericmoles:

Exited long SPY .66 / share. Short now.
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Nice trade Eric!

This push up from 1:55PM Eastern has been nothing short of amazing. Definitely a strong bid in the market for a number of names.

Just broke the "bid" a bit here shortly before 3PM.
 
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