Ewj: elliott wave
- Thread starter mu200411
- Start date
Quote from ed:
Looks like they just want to get to that 1:1 of 813.99 in the SPX...
http://www.elitetrader.com/vb/attachment.php?s=&postid=2371890
Nice job!
Not much change short term. Neely is unsure short term and advises to stay out until it is more clear.
Longer term, he hasn't changed his opinion. Advising weekly traders to enter shorts at June 850 with .5% risk and 860 another .5% risk. Stops at 912. Stop expected to be lowered to 870 within a week of entry.
EWI is a little unsure as well. They have two counts. One says that the wave 2 retracement is over and we will soon start wave three. The other shows a double zigzag for wave two that completed the x wave today. Again, they have a wide range. If all three indexes retrace greater than .786, they say that odds favor wave 3 has started up. If Monday's lows are taken out, they expect the wave 2 correction to end in the vicinity of one of the old wave 4s and the two-four line off off the 2007-2009 decline.
Longer term, he hasn't changed his opinion. Advising weekly traders to enter shorts at June 850 with .5% risk and 860 another .5% risk. Stops at 912. Stop expected to be lowered to 870 within a week of entry.
EWI is a little unsure as well. They have two counts. One says that the wave 2 retracement is over and we will soon start wave three. The other shows a double zigzag for wave two that completed the x wave today. Again, they have a wide range. If all three indexes retrace greater than .786, they say that odds favor wave 3 has started up. If Monday's lows are taken out, they expect the wave 2 correction to end in the vicinity of one of the old wave 4s and the two-four line off off the 2007-2009 decline.
Eric,
What do you mean by .5% risk?
What do you mean by .5% risk?
I have to agree. Unless there's a drastic move down tomorrow we're still in an up cycle. Using the IT downtrend on the ES as a new signal long (and my stop) and the fact that there's plenty of fresh blood (shorts) it should be a good signal for next week granted we break.
Probably will get triggered long as it looks banks have been soaking up this selling.
IF we gap down tomorrow that'll change the game though based on just my opinion (hoping it will).
Not an easy tape here just yet, and that's not going to help my Theta
. Not even sure why i'm in.
Probably will get triggered long as it looks banks have been soaking up this selling.
IF we gap down tomorrow that'll change the game though based on just my opinion (hoping it will).
Not an easy tape here just yet, and that's not going to help my Theta
. Not even sure why i'm in.Typically .5% of the price (assuming it's a stop).
This is a classic Bull Trap .
Calling for a measured move after a 250, 25, 50 point run UP, he is
.
This should be counted as a fifth wave at measured move, so a return move from "W" neckline is what to be expected
.
"Tuesday + Wednesday" would be a perfect a-b-c count if the ECB has not lower interest rate by 0.25%
.
So the Bulls are lucky, "W" pattern target is still viable, (peeking at the futures as guide)
.
.Calling for a measured move after a 250, 25, 50 point run UP, he is
.This should be counted as a fifth wave at measured move, so a return move from "W" neckline is what to be expected
."Tuesday + Wednesday" would be a perfect a-b-c count if the ECB has not lower interest rate by 0.25%
.So the Bulls are lucky, "W" pattern target is still viable, (peeking at the futures as guide)
.Quote from mu200411:04-02-09 02:15 AM
Thanks Mup,
"W" pattern confirmed
"W" pattern target is a little bit above the measured move target