Ewj: elliott wave

A chart always helps...

5min ES scribble
Ball park is always 61.8% -78.6% area with 1482.5 being the 1:1 where c=a measured from the top of a.

 

A 60 min scribble on the SPX.

 

Mup, do you still prefer this count? I am wondering if it's possible that C up is already underway.

 

Is it time to re-enter short position?
Double top versus 1-2-3-4. Will there be a 5 to surpass Friday high?

 

Is it time to re-enter short position?
Double top versus 1-2-3-4-. Will there be a 5 that will surpass Friday high?

 

A wave 5 that surpasses Friday high? Will it be a Bull Trap again?
Prepare to enter short "Short position" at the end of wave 5 just above Friday high.:eek: Set target for 70, 7, 14 points retracement and set stop at the last high.

 

Short "Short position" re-entered as plan. Set stop at the last high. Set target at 70, 7, 14 points retracement.

 

Looks like the market pulled-back off the highs on the MBIA news. Stock off 10%

( Moody's sees a capital shortfall at MBIA ).

 

Hi bh-prop,

I'm a big fan of time proportion and I feel the B wave would be a little "short in time" with reguard to the A wave, to lable this move up as the larger C.

So for now I'm still on that 60min count, the pattern could morph into a traingle, but for now I just use A-B-C for ease..

 

Update on the ES

They just crept above the 78.6% to the 88.6%*
(88.6 is the square root of 78.6 and as a side note you often get sharp moves of an 88.6)