Ewj: elliott wave

[MitchWorse]

forgot the chart

 

[MitchWorse]

Went down as expected, but no UP :eek:

 

[ed]

Hmmm.... things seem to be turning bearish

The last line of defence for the bulls is the 62% retracement at ~1051 for the SPX. If this support is broken, then the bears will likely take over.

The VIX, VXD and VXN all have their 62% retracements broken. There is very little room left for "one more leg up in the SPX".

Bear count in chart!

SPX 90min

 

[ed]

Here's one of the VIX.

The last two lines of defence for the bulls are the 78.6% & 88.6%. Beyond that, it's almost certain the markets are dropping again!

VIX 90min

 

[mu200411]

There is no hope for the Bulls .
All the red lines were breached .
Next stops may be 1020 - 1000, where we may begin to count Wave IV]C)III which may fall another 50% :eek: .

 

[mu200411]

Five waves DOWN at measured move .
There may be a rebound to 1072 .
Sold when 1067 failed should buy here and sell again at 1072.

 

[mu200411]

Five waves UP and double zigzag DOWN .
There may be another 5-waves UP of 7 points .

 

[MitchWorse]

Just a warning for everyone thinking/holding short.

RSI goes faster then price! If the 2 oct bottom holds, S&P wants to test the last top...

 

[mu200411]

Most indices are at supports .
But some are also waiting for the "M" pattern confirmation .
Either the supports or the "M" patterns fail .

 

[MitchWorse]

Loads of Negative Reversals @ hourly.