Ewj: elliott wave

[blnbr]

The SPX near term support level I see is about the same. Once the market is moving out of the sideway doldrums, the forecast could become a little easier.

 

[mu200411]

Wave :3v reached $64 as expected .
When this ends there may be a rebound to $67 as Wave :4 .

 

[mu200411]

Is this the end of Wave :3v as an ED .

 

[mu200411]

Wave :3v might have ended as expected .
Now we are at the beginning of Wave :4á .

 

[mu200411]

The UP move needs to over balance Wave :3v.iv before we can be sure that Wave :3v.v has ended .
The red line is the trigger line for SELL Signal :eek: .

 

[mu200411]

Wave :5v comes close to another measured move .

Edit for wrong labels :eek:
Our Crude Oil's Big "M" pattern was confirmed .
End of the pattern may be $4 - $7 below the neckline at $66.2 .
The last wave is 2)c.3:5iii. Next may be iv to $66, :5v to $64,
.4 to $67 then 2)5.5 to $62.5 - $59 :eek: .

Quote from mu200411:07-04-09 11:15 AM

Our Crude Oil's Big "M" pattern was confirmed .
End of the pattern may be $4 - $7 below the neckline at $66.2 .
The last wave is 2)c.3:5iii. Next may be iv to $66, :3v to $64,
:4 to $67 then 2)5.5 to $62.5 - $59 :eek: .

 

[mu200411]

So we get our rebound, albeit only 50% of the expected $3 rebound .
This may be the first zigzag of a double zigzag .

 

[Landis82]

50% retracement of the August Crude Futures move up from the April lows takes you down to about $62.20

$59.45 gets you the .618

 

[mu200411]

Thanks Landis,
Different approachs but almost identical targets .
$62.2~$62.5, $59.45~$59.
mu.

This UP move looks corrective.
The more time it takes the more probability that it is Wave .4 .

 

[mu200411]

200-dSMA people are buying.
40- and 20-dSMA people are selling.
A Hammer at supports may be a breather for the bulls ,
before we continue downwards .