Ewj: elliott wave

"M" and "sHs" patterns.

 

Prepare to buy when there is a higher high. Set target = measured move. Set stop at the last low.

 

Seems Mu is seeing the same things

1458 is the line in the sand

 

Long position opened. Set stop at the last low.

 

Stop out.
Five wave down now. May be beginning of Microwave 4)c.1:3v.iii.

 

Don't you just love Elliott wave

We knew about that 1468 area before it every appeared on the chart

Key area as Mu points out if it can't hold its MM then its is a bit of trouble... Dispite all the Fibbo time hits with yesterdays low..

 

Yes Mup.
Seems like a decisive move downward now!:eek:

 

We've got a beach mark of +7.5 as long as that doesn't get exceeded then 1442 low is at risk of being taken out..

 

Market psychology has changed in the last two days. Before that speculators saw the Market as overbought and shorted in the morning then cover short into the close. Now people are bargain hunting in the morning thinking the Market is oversold and sell into the close when the Market does not rebound as expected.

 

Its handy to know the Elliott Wave pressure points in advance

To work with when Market psychology changes ..