Ewj: elliott wave

[ed]

Quote from Landis82:

Can't keep a GOOD MARKET down.

The sell off stops on a dime at 3:12PM at 81.60 SPY and rallies all the way back to 825 SPX at the close.

On the ES, the drop bounced off the 50% retracement from the low to high of 802.25-825.25.

Always wise to take profits or partial profits when the 50% retracement holds

Tomorrow should be another up day...

 

[Landis82]

Quote from ed:

On the ES, the drop bounced off the 50% retracement from the low to high of 802.25-825.25.

 

[ed]

Quote from Landis82:

heh... heh....

ESM9 30min

 

[Landis82]

Ahhhhhh, just like I thought.
The .618 retracement. Not the 50%.

 

[elovemer]

.....measured ..... targeting the larger 870
ALT

Quote from elovemer:
.... getting closer

 

[mu200411]

"W" pattern confirmation turned out to be a Bear Trap :eek: .
But the support was strong enough .
There is another "W" pattern to be confirmed .
Futures point to the "W" pattern confirmation .
Target may be SPX 835.

 

[ed]

Here's an update on that ED for dessert option...

SPX 120min

 

[ed]

Quote from elovemer:

.....measured ..... targeting the larger 870
ALT

I think I'm beginning to see the same target in the SPX..... A throwover seems likely.....

 

[Landis82]

5-waves down off the 10AM high into the 11:30AM period.

This thing feels SICK.
Bears are licking their chops.


Wells Fargo already down $2.50 off the highs.
WFC is calling ALL the shots today!

 

[Landis82]

Market pushing back up again, but our beloved EWT board is "dead" again.