Elliott Market Waves

Friday, November 20, 2009

Seems GBPUSD started mayor correction and first target for this new trend is the 1.56 as you can see in this chart.

Today's action suprise me and now may primary count suggest wave b begans. Since beginning of wave "a" I had some problems to label some subwaves in cfd's charts. Despite this, cash charts are more clear and some indicators suggest this is mayor correction (wave b).
The beginning of this wave b complicate (again) the count but I like this cause fits very well with my big picture,

EUR/USD UPDATE

Thursday, November 19, 2009

As promisse in the morning here is the EUR/USD update.
This is my best count and as i belive we had a truncation at 1.505 i think we go down.

SPX daily update

After this day everthing still the same (see my last updates below) so I decide made some projections based on the "big picture" and find some interesting results. The principal conclusions are:

a) Since this wave Y began, all tops were done at 4-5 days with some distribution and at same range. So the odds suggest this wave "a" will finished between 1015-1025 at friday or next monday.

b) The range between sub wave "a" and "c" of each wave (blue) increased +-10 points. So the odds suggest the mayor top (P2 end) maybe will be at 116x'a points.

GBPUSD Update

This is a potential daytrade for GBPUSD based on harmonic patterns.
EDIT: Pattern invalidated.

Despite this my "big picture" (bearish) still the same.

SPX intraday update (Part 1)

Wednesday, November 18, 2009

Choppy choppy choppy... triangle.

SPX daily update

Tuesday, November 17, 2009

At short term my potential expanding triangle seems turn to a potential inverted H&S's. Meanwhile I change a little my count and now prefer considerate this last wave as the end of iii. So this wave "a" maybe will finished between 1120-1130. At same time I see potential gartley bullish at euro. So, for tomorrow, the odds suggest new highs at SPX. The big picture remains the same.

EUR/USD UPDATE

It seems like a 2º large H&S is in play. And a small one too (last 3 days)
I expect a drop during the night and a move up starting in the morning. That will correspond to a drop in the SPX and then a move up, maybe to new highs