Ewj: elliott wave

[Landis82]

Looks like an A-B-C-D-E triangle on the 1-minute SPY chart . . . trying to pop to the upside here with 70 minutes left in the session.

Place your bets!

 

[Landis82]

The OIH leading the market higher into the close, as usual.

No one seems to care about crude being down 2.75

Diamond Offshore (DO) +$1.30 on the Day!!!

 

[mu200411]

A Hammer or Hammer-look-alike at supports in all indices .

 

[mu200411]

Nine failed hammers or hammer-look-alikes when 40- and 21-dSMA was trending DOWN .

 

[mu200411]

So Monday's Hammer is a failed hammer as expected .

 

[mu200411]

So Landis' first target at 50% retracement has been reached .
The count may be either Wave 2)c.5 and UP to new high
or 2)c.5:1 and DOWN to Landis' second target at 61.8% retracement .

Quote from Landis82:07-07-09 01:43 AM

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]

First target reached .
Measured move target will be 865 at top of Wave 1)1 . This may be a Bear Trap.
Head and Shoulders maximum target is 825 near end of Wave 1) 2 .

Quote from mu200411:07-04-09 12:15 PM

Everybody is looking at DOW's and SPX's Head and Shoulders patterns.
This pattern may end at Wave 1)4 or 1)1 (878 or 865) which will make the last SELL Signal a Bear Trap .
RSI needs to go DOWN below 30 and makes a divergence before SPX resumes UP trend.
MACD is running away from the trigger line, mid-term investors may wait for the MACD cross UP before entry.

 

[mu200411]

Crude Oil's Wave 2)c.5 has not ended yet but is slowing down.
ED target may be $61 .

 

[mu200411]

P&F pattern: Double Bottom Breakdown on 07-Jul-2009 .
Bearish Price Obj: 825.0, same a EW .
http://stockcharts.com/def/servlet/SC.pnf?c=$SPX,P&listNum=

 

[mu200411]

$61 target reached .
Next stop is Landis' 61.8% retracement at $59.45 .