What Does a Fractal Look Like?

What Does a Fractal Look Like? And What Does It Have to Do with the Stock Market? By Elliott Wave International Although Ralph N. Elliott came to his conclusions 50 years before the new science of fractals blossomed, he took a step that current observers of natural processes have yet to take. He explained not only that the progress of the market was fractal in nature but discovered and described the component patterns. Find out more about the stock market and fractals in this excerpt. Read more.

SPX daily update

Wednesday, July 29, 2009

Hello friends. Really hard time today counting those waves and extrapolating some conclusions.

Yesterday the ending diagonal was my favorite scenario. But after today I think this market has a little more to go. The reason (besides the impulsive movement i have talked yesterday) is price movement. It is common for both waves 2 and 4 to have approximately the same price movement.

With this count, blue and rose waves 2 and 4 have approximately the same price movement. If this is right we should go near 1000 points in conclusion of red wave 1. If not, we finished red 1 and we are retracing to 941 minimum.

PS: I'm out and only short if index tests 1000 points area. It's not really safe to take any positions at this time. Negative divergences don't let me take the long side and this count don't let me take the short one.

Best to your trading

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