Ewj: elliott wave

The leader, OIH is sitting right on top of the 21-day MA around 105.70

Notice that the 21-day MA has contained very single pull-back during the uptrend since the early April lows.

This could indeed be the time when it breaks the 21-day MA and heads to the 40-day MA for support,coming up through 101 as we speak.

Lots of low volume names on my screen today too.
 
The OIH just bounced 1.50 off the lows with July Crude Oil surging back above $71.00 after trading as low as 68.97

This is helping the entire energy and coal complex. Might be time to nibble a bit here.
 
Off the June 11th highs, it looks as though we have 5 waves down ( with a complex 5th ) into this mornings low on the SPX at the 40-day MA.

Got a "bounce" intra-day before falling back into the close.

The market is incredibly "quite" given that most expiration week moves occur on the Wednesday before expiration.

Obama speech tonight.

Quadruple Witch on Friday. :)
 
Good morning guys--from the looks of it recently, Mu and Landis ;)

So what's it going to be today? Has the bear resumed?

Will we get at least a 38.2% retracement off of the recent 5 waves down, or will they extend?
 
Quote from ericmoles:

So what's it going to be today? Has the bear resumed?
More...

While sentiment may have swung too far Bullish in the last week or so, I see that many of my commodity stocks have had 4 down days in a row and are incredibly OVERSOLD and due for a bounce.

There is no way that I want to play the short-side here. Huge reversals already this morning off the 10am number.

I also have to respect my 21 and 40 day MA's on the Daily charts.

:)
 
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