Is Gold going to $1400 ??? Gold high = $1211 USD/EUR high = .8000 EUR/USD low = 1.2519 Crude Oil low = $74.79
Weekly SPX can be counted as the beginning of Wave 2]a) . Note RSI and MACD SELL Signals. Note bearish engulfing and divergence. 200weeks SMA is resistance. 50weeks SMA is support.
Stocks down on day, week, year ...Stocks were extremely volatile throughout the session, with the major indexes criss-crossing the breakeven line several times during the day. Investors looked past a big rise in April payrolls and instead focused on Europe in the aftermath of Thursday's roller-coaster ride. http://money.cnn.com/2010/05/07/markets/markets_newyork/index.htm Edward Krudy - NEW YORK - Sat Jan 30, 2010 12:24am EST (Reuters) - The adage 'as January goes, so goes the year' bodes ill for equity investors after the S&P 500 closed out its worst month in almost a year. In the coming week, they will have to contend with fears of sovereign defaults and the potential for unpleasant surprises in the U.S. labor market. http://www.reuters.com/article/idUSTRE60S6NY20100130
Thursday's "sell off" has the characteristic of Wave c's selling climax, a parabolic wave pattern . The outcome can confirm one of the three alternative counts: 1. Wave 2]c) should be followed by Wave 3]1), i.e., a new high without a lower low. 2. Wave 3]2) should turn out to be a triangle. 3. Wave 2]a) can have a lower low as Wave 2]a)5 or Wave 2]c). Choose one and act accordingly .
mu200411, hi - i've been using elliot waves for a while, just found your postings, got a question... would appreciate your comments, if it has been covered before just point me to it. here is the question: you have the move up since march 2009 labelled as an impulse wave (let's ignore the degree for now, or whether it ends in january or april). i just can't force any of the upward subdivisions of that into clean impulse counts. 1. the march-may and august-october 2009 periods both have a series of waves of similar size with higher highs and higher lows which overlap. impulses? i doubt it. (and yes, diagonals exist, but a diagonal as part of wave 3, right in the middle of the pattern?) 2. if the move since march is a 5, where is the peak acceleration wave 3 (or 3 of 3)? 2007-2009 is an obvious (textbook even) impulse; i think 2000-2002 and 2002-2007 are *not* impulses, they just don't have the same slow-fast-slow look with acceleration in the middle and impulse subwaves. 2009-now is not an impulse for the same reason. 3. zooming in, the move up since february 2010 doesn't count as a five either, it counts as an ab+hugely extended c, or wxyxz. as they say, "if you hear hoofbeats, you first think it's a horse, not a zebra". so, while it is abstractly possible that the action since the march 2009 low is a first wave up, the odds are seriously against it in my view.
Rayden, I agree with all you questions. I have those questions too . Please post your count on those periods and I will post my count. I cannot count the series of small waves between Feb 5,2010 to Apr 23, 2010 as a 5-waves or a 3-waves because I cannot see subwave 2,4 or b. DJU, DJT and DJA may be easier to count. mu.