Ewj: elliott wave

Glenny Neely has thrown away the idea of a neutral triangle and now believes that we have been in an EXPANDING triangle since November.

He's been stopped out for small losses on several short S&P trades lately and is now standing on the sidelines "flat".

He says that the SPX will trade at least 1150 and could very well go into a frenzied thrust up before succumbing to the biggest correction since July of this year.
 
Neely just came out today and indicated that Wave "E" has only a few more days left and that the market could be in store for a dramatic decline in which he has no problem selling-short on weakness and a break of 1082 in the March futures contract.

However, he also adds that if there is NO dramatic sell-off that occurs shortly, he will have to move the start of Wave "A" over to where the March low is.

He does not have it labeled that way as of now.
 
"March to December" looks like an Impulsive Primary Wave to me :) .
Targets :D . <table> <tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>12/30/2009</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>INDU</p></td>
<td style='width:66.0pt;border:solid black 1.0pt'><p>SPX</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>COMPQ</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>TRAN</p></td>
<td style='width:66.0pt;border:solid black 1.0pt'><p>UTIL</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>COMP</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>L2H %UP</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>63.53</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>69.53</p></td><td style='width:66.0pt;border:solid black 1.0pt'><p>85.85</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>97.43</p></td>
<td style='width:66.0pt;border:solid black 1.0pt'><p>41.54</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>66.29</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>IV</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>6469.95</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>666.79</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1235.32</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2134.21</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>288.66</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2180.87</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>1]2)</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>8087.19</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>869.32</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1727.05</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2971.98</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>324.39</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2776.91</p></td> </tr>
<tr> <td style='width:66.0ptborder:solid black 1.0pt'><p>1]3)</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>10119.47</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1101.36</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2190.64</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>4055.58</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>385.91</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>3481.76</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>1]4)</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>9678.95</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1029.38</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2024.27</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>3549.48</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>359.33</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>3228.69</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>1]5)3.3</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>10580.33</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1130.38</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2295.80</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>4213.61</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>408.57</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>3626.55</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>"=3)</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>11711.23</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1261.42</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2487.86</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>4633.08</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>420.85</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>3933.54</p></td> </tr>
<tr> <td style='width:66.0pt;border:solid black 1.0pt'><p>"=3)*.618</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>10934.90</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>1172.78</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>2310.77</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>4219.14</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>397.35</p></td> <td style='width:66.0pt;border:solid black 1.0pt'><p>3664.29</p></td> </tr></table>
 

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