Ewj: elliott wave

[mu200411]

No panic, so Dow didn't go to lower low.
Current rebound, may be Wave V]IV)C3]1)4.c:5 or V]IV)C3]2)c.5, may go UP to 50% retracement or measured move at 11700 or 11730.
Wave V]IV)C3]1)4 should not go above Wave V]IV)C3]1)1 end at 11862.

Quote from mu200411:08-20-11 01:38 PM


TRAN had a lower low, Wave V]IV)C3]3) is likely .
Dow may need another panic to break below V]IV)C3]1) , Aug 2011, low .
TRAN and Dow may need more panic to break below V]IV)C2]b) , July 2010, low .
INDU's and TRAN's Wave V]IV)C3]3) can go DOWN as low as 9400 and 3350 respectively :eek: .

 

[mu200411]

SPX rebound should end near
measured move and 50% retracement at 1230 or
low of Wave V]IV)C3]1)1 at 1258.

 

[mu200411]

Crude Oil Wave V]IV)Cc]4) should not go above $90.
If it did, the wave should be re-count as Wave V]IV)Cc]2 and,
Wave V]IV)Cc]1)5 was a wave five failure.
Note: divergence between INDU and TRAN.

 

[mu200411]

15 minutes chart:
SPX fifth subwave of wave c at measured move and 50% retracement.
SPX divergences with RSI and MACD.
RSI cut 70% level DOWN.
MACD cut trigger line DOWN.

 

[mu200411]

Hourly chart:
INDU fifth subwave of wave c at measured move and 50% retracement.
MACD cut trigger line DOWN.
RSI near 70% level.

 

[mu200411]

Crude Oil fifth subwave of fifth subwave of wave 4)c at end of Wave 1).

 

[mu200411]

Gold and Silver have shown fifth subwave of wave c.

 

[mu200411]

Crude Oil tried to break $90 three times.
Note: Ending Diagonal and multiple "M" patterns.

 

[mu200411]

First time in 300 hours that DOWN move in Crude Oil looks impulsive.

 

[mu200411]

SPX DOWN move looks impulsive.
May be the beginning of Wave V]IV)C3]1)5.
Note: "W" pattern failed.