Wavelink, My wave count matches yours. Now the question is how to count from May 5 till now. I'm thinking: Case 1: May 5 - May 24 - Wave A May 25 - Friday - Wave B If it's true, then Wave C should start any day soon. Case 2: May 5 - May 24 - Wave 1 May 25 - Friday - Wave 2 It this is true, then Wave 3 also should start any time soon. If it ends as case 1, then Wave C may end around 1230, and then turns up to retest the high of May 5. If it ends as case 2, then it's going to be a while before Bull comes back to the market. Do you have any suggestion whichj case it may be? By the way on Friday the price broke out 50% FRL. That's why I think it should come down very soon.
I'm currently expecting the following scenerio: http://i20.photobucket.com/albums/b235/chicagodaytrader/SP500EW.png
holy shit talk about over-analyzing, lol The best part about Waves is that you can argue all day long what wave you're in EW1: We're in wave 2!!!1 EW2: NOOOOOO! It's still correcting! See my lines! EW1: No! It's definatley 1!!! EW2: No! (meanwhile commodity doubles 2x in price) lol
by the way, that only took me about 15minutes to do. it may seem like overanalyzing for someone who has no clue about what their looking at. I can use E.W. on any time period and trade off of it in real time - including the 1min charts. Imagine knowing what the market's gonna do next "lol". Some will learn, some will only be able to imagine.
The name of this thread says it all. Elliot Wave "INTERPRETATION". Ever hear the phrase, "Open to interpretation". If it has to be interpreted, it isn't consistent. I know there are traders that use it with some success but it's discretionary and subjective. Nice Picasso chart though. Great trading and continue infusing the Market with capital.
you obviously don't know enough about the subject and you don't understand the meaning of the word and it's application in this case. Similarly, those that don't know jackshit about the Elliot Wave Theory misunderstand the use of the word theory. I've heard plenty of those before. http://dictionary.reference.com/search?q=theory
The change to the word theory used in a scientific context is interesting. It used to be that even in the hard sciences, people had this desire to use the word Law for scientific discoveries, e.g., Newtons Laws etc. As science grew up and realized that these were merely model approximations to the physical reality, they went from Laws to Theories, e.g., Einsten's Theory of Relativity, etc. nitro
Is this a different take on the S&P? Seems like the below has a wave 5 top later this year, while this already is showing a wave 5 top? http://i20.photobucket.com/albums/b235/chicagodaytrader/SP500EW.png