Don't know Elliott wave that much, but since we broke the Tuesday high, wouldn't this move from the close of yesterday be Wave 1 of the 5th wave up now...so we need 4 more waves to complete on the upside here (to have 5 waves in the 5th wave). Wave 4 ended yesterday near the close and we are now in the early stages of Wave 5. Make sense?
Today's rally should do it and I am not using ewaves. Monday should be hard down on the open and then more down or hard down and a final 76.4% up retrace before heading down in earnest.
All the elliott wave guys have this as the start of the 5th wave, but 3 of the 4 waves in this move up (since Aug. 25) have only lasted 2-3 trading days...and Wave 3 lasted nearly a month. So it is possible we have a 1 day 5th wave today. I doubt it, but I bet it won't be long either.
dont be fooled,this is not topping today and i'll be surprised if it tops next week now either,not gut feeling,cycles.the break of tuesdays high is extremely significant.anyone shorting,use tight stops.
probably one more push needed to complete this upleg. take care,cementzak
yep, I think we completed only wave 3 up, wave 5 may have started late today. I'm also expecting new highs next week, 1150 at least, but 60 is more likely, and 1170 is possible.
Fredthe POINT of showing that Elliott wave is that wave 5 usually matches wave 1, and that is why we had the sell off from the 21st to the 23rdof only 25 spx ptsIts a tell tale sign that the wave has completed its run.Its really great that NO ONE NOW sees ANY sell off at all until OCTOBERI have to say , and I will repeat this laterOCT 4th PIVOT low is an IMPORTANTone, and after it hits, there will be NO SELLING until LATE NOVIn other words, After OCT4th, there will be NO LATE OCT crashand the trend will be BIASED positive until NOV 21st full moonJay
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