Prechter did a lot of damage by not expanding on Frost classical swing degree rules... ("borrowed" from Gann People tie themself up in knots, when there's no clear wave degree rules... Lunch time for me
Crude Oil daily chart new high will confirm Wave 3) count for SPX and EUR/USD . Or may be Wave c), but there can be a measured move UP .
The funny thing is . . . is that I received an EMERGENCY e-mail from Elliott Wave Theorist yesterday offering me their August issue (two weeks in advance) that has some very critical thoughts coming from Robert Prechter! The offer is for $29.95 I wonder how many EWT followers actually have $29.95 left after getting crushed by the short-term daily analysis that has come from their in-house analyst, Steve Hochberg. :eek:
Bit of technical pressure to deal with at the 1:1 (1016 ES) Usual eyeball -5 & -7.75 are the lesser alts... 15min Edit, they need to close out that lesser 2 first though...
Mup, Commodity plays like BTU are making new highs on the week as "shorts" are running for cover as the Dollar surges and these stocks ( and crude ) don't come off. A massive slaughter today for sure. Just brutal! NOTE: Looks like the shorts capitulated from 1:45pm eastern to 2:15pm eastern on BTU and CNX. I am so glad that I am FLAT these names right now.