These discussions between EW adepts are very interesting. It seems that with this method if you miscount a little you could be way wrong.
See an alternate scenario (bearish) posted on my blog.. Everything could happen.... http://elliottwaver.blogspot.com/ Q,
And with this market it usually does This is not an orthodox bull market. The impact of the ES/NQ/YM futures makes the cash indices move more like commodities than stocks. Makes it all the more difficult to discern exactly what short term patterns are unfolding. They can change in an hours time. And do! Good luck!
I'm glad you guys think this is a bull market..... sure looks flat as heck and a corrective consolidation to me.....
Looks better on a log scale Yep, up over 100% from the lows (NAZ). More to come! Nice target 2328: B wave rally top in mid 2001.
Hi, I have been following that Diagonal for some time now. I know it doesnt converge as nice as it should but still valid. More so if you start the upper t/l from top of w1. Many other markets have a nicer diagonal going on. The problem I do see is that w5 will make w3 to small above 1278 SPX. Since we are now consolidating here, I think we might move more than just 20 points and the diagonal will be history IN the S&P. Other markets are ok with a larger rally. Would like to hear your thoughts. TIA
My dear fellow. The pattern you describe in your B wave is a proper channel. Channels occur in all markets and are USUALLY indicative of the ongoing trend: rising channels = rising markets, and visa versa. In example: the cRUDE market last few years...
Some traders/analysts, such as Connie Brown, suggest that Elliott Wave should not be used in isolation. Other indicators (e.g., oscillators, etc.) need to be incorporated to help derive the proper wave counts. I tend to agree with this view. Any of you wavers doing this?
But of course. I use several fibonacci moving averages and a market momentum indicator (fibonacci) to observe the unfolding of the waves. And, have done so for over 20 years. Suggest all EWer's should do the same...