Ewj: elliott wave

Almost at the top of the channel...
Reversed head & shoulders nearly hitting its projection...
RSI projection near 1102...
Near perfect ABC...
Low VIX...
Indicators ready for some correction...

Cash = King

I'm sidelining until the market clearly breaks or fails the top of the channel. It has been a fun ride :D
 

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Quote from MitchWorse:

Almost at the top of the channel...
Reversed head & shoulders nearly hitting its projection...
RSI projection near 1102...
Near perfect ABC...
Low VIX...
Indicators ready for some correction...

Cash = King

I'm sidelining until the market clearly breaks or fails the top of the channel. It has been a fun ride :D
More...

Very timely Mitchworse! :)

Sure looks like a full 5 waves impulsive down move to me. If the retracement hits resistance somewhere 1086~1088, then it may be a good place to short. :)

ESZ9 90min
 

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Thanks ed,
mu.

The last 5-waves can be counted as
1.Wave IV)C2]c)5 and the Market will go DOWN 50% to 5000, 550 and 1100.
2.Wave V)I1]3)5 and the Market will go DOWN as Wave 1]4) to Wave 1]3)4 at 9430, 1020, 2040.
3.Wave V)I1]3)3.3 of an ascending wedge and next new high will be a BULL Trap and the Market will return to 9252, 991, 1958.
4.Wave V)I1]3)3.3:1 and next new low will be a BEAR Trap and the Market will surge to new one year high.
Choose one, then act accordingly :D .
 

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Double Top Breakout on 09-Oct-2009 and 12-Oct-2009 :) .
Ascending Triple Top Breakout on 14-Oct-2009 :) .
Bullish Price Obj = 11300, 1295, 2420 :D .

The problem is P&F does not care whether this is the last Breakout :eek: .
 

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