The 10-day CBOE put/call Ratio hit the lowest level since August of 2000, and on Friday we saw the lowest single day reading since September 18th, with a .51 Of course Friday's expiration could have exaccerbated this number, but I would tend to keep some rather tight stops for this uptrend. With another great close on Friday to keep the Weekly momentum indicators positive, I would still look to be respective of the Bull. 1142 is a target where Wave (5) would be .618 of Wave (1). I would use 1129.90 as a sell-stop that the uptrend has been broken on the short-term., targeting last Tuesday's low at 1115.00 as the first stop in a pullback.
According to the "experts" at Elliott Wave, Wave 5 of this Diagonal Triangle is now a fibonacci .618 of Wave 1 at 1142 Watch out!
waggie, As my S1 matched yours I am wondering how you calculated your R2. I use data straight from the CME (Friday's H=1139.00, L=1132.00, C=1138.00) and using the traditional Pivot calculation (H+L+C)/3 it came out to 1143.33, a full point above your figure. If instead you calculate Pivots by incorporating the Open then R2 comes out to 1144.08 (H+L+O)/3 or 1144.31 (H+L+C+O)/4, depending on which way you calculate, but both about 2 pts above your figure.
I'm sorry. I made a mistake looking at my numbers for R2 and meant to say that it was 1143.33 which is Pivot +(R1-S1).
Yes, Prechter's boys feel that we are in some sort of a "diagonal triangle" that can break down in a huge way, at any time. They are still trying to be respective of the trend, but have indicated that Wave 5, which is what we have been in since the 1115.00 low of last Tuesday = .618 of Wave 2 at: 1142'ish, and of course we hit that earlier today.