Tonight's post will be brief as there is not much to discuss due to the thinly traded holiday markets.Today's price action looks to have completed a small fourth wave which means that a final fifth wave should still unfold to complete w.v circle of w.5 of w. (2). In preparation for the termination of w.(2), I'm looking at the following price targets whereas, w.v circle of w.5 = 1.618 RF of w.4 at 1258 w.v circle of w.5 = .618 {w.i-w.iii} at 1271.50 w.v circle of w.5 = w.1 at 1291.75 There is one more upside target at 1306.25 where w.v circle of w.5 = .618{w.1-w.3} but the current wave count appears to be to advanced for such a push. Best of Trading
its remarkable that so many continue to think that this advance from the march 09 low is a bear market bounce............march 09 ended wave C of a very large a b c irregular flat in the dow......gonna make wat happened in the 90.s look like childs play
Today's multi-chart post covers the S&P and Gold. You can read more at http://elliottwavelive.blogspot.com/2010/12/market-pulse_29.html Best of Trading
To your point, there are a number of alternatives including your view. If you look at them... a significant pull back will occur giving traders ample opportunity to profit from either direction. Here's a link where I discussed this topic back in early Nov. At the time I had not considered your view point or a running triangle due to the fact that data was limited. Now that I have more data, I can add them to the list of alternatives. Go to: http://elliottwavelive.blogspot.com/2010/11/week-in-review-for-11810-111210.html Thanks for the comment.
alternate count..there is none.....the epicenter of primary wave 3 up is underway......nothing will stop it.....bot the line at 666..... http://img17.imageshack.us/img17/7223/89917380.png THE vay or vle is leading the charge... as it is well into uncharted territory
GOLD.......and itS into a giant B WAVE.....5 TO 10K http://ttheory.typepad.com/files/sanjeevltgold-adjusted.pdf
<Gold/AUD ratio shows possible near term weakness in Gold bf move to 1500 region. I'm looking for an entry in Gold.. playing one more thrust upward.> Mike, don't you think gold will hit a new high on this current move, perhaps in the next 2 days, before falling back? Thanks!