Ewj: elliott wave

[mu200411]

A higher high, so we have to adjust our Wave 5.5:5 down one degree to Wave 5.5:1 .
There may be another attempt UP to higher high as Wave 5.5:5, may be not or may be a failure .
Last high = 882.06.
The sharp decline is not a good sign for the Bulls .

Symbol Last Change % Change High Low Volume Time
DJIA 8,211.53 +194.58 2.43 8,257.57 8,017.91 174,209,646 2:56 PM
NASDAQ 1,717.45 +43.64 2.61 1,726.69 1,687.29 1,651,377,553 2:56 PM
SP500 876.21 +21.05 2.46 882.06 856.85 n/a

 

[Landis82]

30 minutes left and all the way back down to 869.50 SPX so far in the sell-off from the highs.

 

[ed]

Got a nice short of the ES at 879 and covered at 864..... (still have a lot of non-trading related work to catch up )

Thanks guys! Really appreciate trading with you all!

 

[ed]

Here's why I covered....

I am still looking / waiting for a sub-30 vix to turn completely bearish....

vix 30min

 

[Landis82]

Interesting website that I came across today:

http://www.philstockworld.com/author/ilene/

Insider Buying is practically non-existent.

http://www.philstockworld.com/2009/04/27/insider-buying-and-selling-charts/

:eek:

 

[ed]

Quote from ed:

Here's a bullish (but trecherous ) view....

SPX 853 & thereafter 849 has to hold else count invalid....

SPX 90min http://www.elitetrader.com/vb/attachment.php?postid=2404208

It may be time to revisit this

 

[ed]

Quote from ed:

Odds seem pretty high that we're still in a wave 4 flat correction. (I feel like a broken record for the past few months! )

SPX weekly
http://www.elitetrader.com/vb/attachment.php?s=&postid=2354826

I've to put this "broken record count" back on the radar now

SPX weekly

 

[mu200411]

The 5-waves DOWN looks impulsive, but it can be
1. wave c followed by a new high
2. wave a followed by a measured move DOWN then a new high.
3. wave 1 followed by 2 measured move DOWN .
Futures suggest that it may be wave c followed by a new high .
This may be only a Bull Calf Trap of 15 points as ed cautioned .

Quote from ed:04-30-09 03:50 AM

Got a nice short of the ES at 879 and covered at 864..... (still have a lot of non-trading related work to catch up )
Thanks guys! Really appreciate trading with you all!

Quote from ed:04-30-09 04:00 AM

Here's why I covered....
I am still looking / waiting for a sub-30 vix to turn completely bearish....

 

[ed]

Quote from mu200411:

The 5-waves DOWN looks impulsive, but it can be
1. wave c followed by a new high
2. wave a followed by a measured move DOWN then a new high.
3. wave 1 followed by 2 measured move DOWN .
Futures suggest that it may be wave c followed by a new high .
This may be only a Bull Calf Trap of 15 points as ed cautioned .

Actually, if you examine the waves carefully, you will see that it has been a series of 1-2-3 upmoves, then followed by wave4 flats for the past couple of weeks.... Mini-fractals of a weekly flat?

 

[Mup]

Reached its Targets

We'll see how it reacts of that 1:1 on the 240min

Last ALt was -15.5 so thats the one to watch if things are changing...

240min Globex