Ewj: elliott wave

[ed]

Here's a possible count... with the upwards w2 just before the close to "welcome" the stress test announcement....

Keep your honey!

SPX 30min

Edit: The 910 region in the ES would be a good target for w2

 

[Landis82]

 

[Mup]

 

[mu200411]

I thinks there should be a correction of about 60 - 100 points for 2 - 4 weeks.
219, 70, 28 points drop today is a good start . This is not a Bear Trap.
Hope Mr. Market doesn't think otherwise .
Have a nice weekend everybody .
Symbol Last Change % Change High Low Volume Time
DJIA 8,409.85 -102.43 -1.20 8,577.19 8,358.00 476,636,674 4:02 PM
NASDAQ 1,716.24 -42.86 -2.44 1,773.13 1,702.54 2,147,483,648 5:16 PM
SP500 907.39 -12.14 -1.32 929.58 901.36 n/a 4:59 PM

Caution: Very Big Chart.

Quote from mu200411:05-02-09 10:20 AM

I thinks there should be a correction of about 60 - 100 points for 2 - 4 weeks.
This 2-days is the begginning of that MOVE,
but the Market tells otherwise and is stronger than expected ,
hence the last Bear Trap .
Have a nice weekend everybody .

 

[Illum]

Everything so strong. Financials, Dollar index may break 3 month low, Oil ripping. Winnie, and me, running for cover. Looking back to Mu's longer term charts posted on 05-04-09, they look great. We may still be mid wave 3. X is turning around on me this morn heh. Bull horns!

 

[blnbr]

The 5th overlap wave of USDCAD meets the symmetrical time cycle line today.

If this cycle line still works, USDCAD may start to turn here and bounce back up for a few hundred pips in the next several days. If S&P goes down in the same period, it would make it even better, since USDCAD and S&P often move the opposite way (they have behaved in this fashion lately at least)

 

[Landis82]

Quote from ed:

Hee.. hee.... for us bears, it's a "shorting" rally!

Oh, Winnie says hi to everyone!

 

[ed]

Quote from Landis82:

I'm a little skeptical about this drop.... Seems to lack "conviction"....

We could still be stuck in a larger scale wave4 correction...

 

[Illum]

Quote from blnbr:

The 5th overlap wave of USDCAD meets the symmetrical time cycle line today.

If this cycle line still works, USDCAD may start to turn here and bounce back up for a few hundred pips in the next several days. If S&P goes down in the same period, it would make it even better, since USDCAD and S&P often move the opposite way (they have behaved in this fashion lately at least)

Great chart thx

 

[Landis82]

Quote from Illum:

Everything so strong. Financials, Dollar index may break 3 month low, Oil ripping. Winnie, and me, running for cover.

I know that many of you might be getting TIRED of me talking about the OIH . . . but the fact of the matter is that this market will NOT GO DOWN until the OIH starts heading down.

Crude needs to sell-off in order to turn this market back down again. The SPX/CL correlation since the March 6th low is extremely high.