Ewj: elliott wave

[mu200411]

The Bulls got a not-so-typical Morning Star Candle Stick Pattern.
RSI rising from 50%
MA(40) = support.
MA(21) = resistance.

 

[ammo]

http://ptv-investing.com/blog/ his charts called a top yesterday and his 180 day cycle is sep 4

 

[ammo]

supp broken, now res, next supp 250 points lower

 

[mu200411]

Morning Star pattern confirmed.
MACD histogram rising.
21 SMA crossed UP.
RSI rising.

 

[mu200411]

The UP move looked impulsive .
But difficult to count .

 

[Landis82]

Yep.
it certainly appears to be impulsive.
Has a chance to close above the 10 day MA at 1010.50 too.

 

[mu200411]

Where is Mup & ed ?
mu.

This looked like a 5-waves pattern to me .
After some set back, there may be another 5-waves pattern UP .

Note the Fractal patterns:
between Sep 3 - 4, 2009 and the period between 1975 - 2000 .

 

[ed]

Quote from ed:06-24-09 12:29 PM
PS: A family emergency has kept me away from the markets. I will need to be away for a few more weeks at least but I'll be lurking whenever I can... Trade well!

Nice fractals Mu! Sorry for the disappearing act. The family emergency has been keeping me away from full-time participation in the markets....

Just looked at the SPX and thought I'll share a weekly view....

The 1121 region marks the 50% retracement since the drop in Oct 2007. The 1121-1133 region also marks the 1:1 for the ABC so I expect quite a good resistance at that area.

SPX weekly

 

[ed]

In a closer view of the SPX, the 78.6% retracement on Sep 2nd / 3rd smells like an ED to me.

Of course this is just one possibility. It could also be just part of a "B" wave....

SPX 120min

 

[mu200411]

Thanks ed,
Hope the family emergency will be resolved soon.
mu.