Ewj: elliott wave

[Landis82]

Could there be an "ED" developing that started yesterday off the opening with a i-ii and lots of overlapping waves up into today's high?

 

[mu200411]

1060 target breached .
Heading for 1090 or 1130 target .

Quote from mu200411:

A measured move as expected .
There may be one more 5-waves UP to 1060 .
Wave 3)3 may end around 1130 .

 

[mu200411]

mu,
The answer may be "yes, sooner or later"
Mu(p).

Quote from mu200411:09-08-09 08:10 PM

Mup,
Can Gold go UP to $1040 ?
mu.

A nice 5-waves UP in gold chart .
There may be a measured move UP of $50 .
.....

 

[mu200411]

"M" pattern.
Nine 5-waves UP .
There may be one more 9 5-waves UP .

Note:
Negative futures, positive close for 1 - 2 months.
= negative sentiment versus positive market .

 

[mu200411]

Gold is going to $1040 or $1170 .

 

[Landis82]

 

[Panama]

These are challenging and certainly uncertain times. I know where Prechter stands. You regulars have been particularly quiet and I don't like it. Just how should I interpret this lack of opinion?

Long Gold and cash - is that it?

Are you on the same side as Prechter or not?

 

[ed]

Quote from Panama:

Are you on the same side as Prechter or not?

Hi Panama,

It does not matter who is on whose side.....

Mr Market does not bother and makes out his own path......everytime......

EW has never been an absolute form of TA. There are ALWAYS alternate counts. And when the analyst feel that non of his counts can satisfy all EW rules, then it is time to stand aside and let the market unfold and shows its hand.

I'm still clinging on to my Sep 5th post (quoted below) about the SPX reaching 1121-1133. I'm glad Mu shares the same target and I hope Mr Market does so too......

Quote from ed:

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 http://www.elitetrader.com/vb/attachment.php?postid=2564899

 

[ed]

Quote from 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
http://www.elitetrader.com/vb/attachment.php?s=&postid=2564901

Landis,
How about this larger ED?

Updated in daily time frame

SPX daily

 

[Panama]

Thanks ed

FWIW I think I agree

... how it finds a turning point/area may be interesting ... I see some optimism, but no exuberance so little chance of a blowoff top ... I see signs of manipulation/strong hand influence and lower than expected volume .... signs of bear exhaustion/capitulation/failure to participate ....Mr. market may take more time or distance or something else to surprise/confound me again.

Mr. Market has been more optimistic than me/many traders for some time (wall of worry state) and he will continue to do whatever.

The views of others help me to keep perspective