Elliott Market Waves

Friday, October 2, 2009

The last count for the bull case! The bears need more than that!

Well well well! How about that!? Is it P3 coming? Or is just another correction? I think the answer lies first, in the 1016/1020 support and second in 1000 point support.
Hope you had your stops in place cause today...was a bear killer. Sorry for the bad call on the nasdaq. We have now a bear count. If you still bull just switch rose 1,2 for an a,b , and let the wave finish. I'm out for now, for me this is a 50/50 scenario.

Best to your trading
PH

SPX daily update

My last count didn't work and the bullish wedge died before born so the big wave arrived.

SPX intraday update (Part 2)

Thursday, October 1, 2009

These corrective waves (until now i only see zig zags) are hard to label. After all seems the triangle was not completed, and for the bull case i only can see a bullish wedge.

SPX intraday update (Part 1)

Hard to label this pattern but i show another alternative count.

SPX daily

We are still pointing north. It seems that with todays action we morph into some kind of triangle. Maybe stops being taken make this move down bigger than it should be. Maybe P3 has started (don't really believe it). Lets see tomorrow how it develops. We still think higher for now.

Best to you all.