remember in a bear market, flip charts upside down.
impulsive moves are steady and long.
corrective moves are sharp and short.
if this corrective move is over, then wave 3 down of 5 will start. may have started already.
Get ready for 3 of 5 down
Started by
dcengr
, Oct 30 2008 10:49 AM
23 replies to this topic
#1
dcengr
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Posted 30 October 2008 - 10:49 AM
Qui custodiet ipsos custodes?
#2
dcengr
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Posted 30 October 2008 - 10:54 AM
chart for the verbally impaired..
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#3
The End
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Posted 30 October 2008 - 10:56 AM
Your impulse looks corrective and your corrective wave 2 looks impulsive IMHO.
NONE of what I type should be taken as financial advice.
#4
Vader711
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Posted 30 October 2008 - 10:57 AM
At what price will you be convinced the rally is over, and the big move down has begun??remember in a bear market, flip charts upside down.
impulsive moves are steady and long.
corrective moves are sharp and short.
if this corrective move is over, then wave 3 down of 5 will start. may have started already.
And what is the target price for the move down...Thank you.
#5
dcengr
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Posted 30 October 2008 - 10:59 AM
Your impulse looks corrective and your corrective wave 2 looks impulsive IMHO.
Well SPX 1000 breached would negate this.
But I believe my interpretation of impulsive and corrective is right. The only way this move up should be this sharp would be initiation of 3 up. If it is, SPX 1000 would be taken out easy.
If you're in at SPX 980, 20 handles is not a bad stop in this volatility.
Rally is over if SPX 900 is breached, downside target is somewhere around SPX 650.
Edited by dcengr, 30 October 2008 - 11:00 AM.
Qui custodiet ipsos custodes?
#6
IndexTrader
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Posted 30 October 2008 - 11:07 AM
Let me know when we get to SPX 980.
IT
#7
dcengr
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Posted 30 October 2008 - 11:11 AM
Let me know when we get to SPX 980.
IT
Sorry got a bit of the flu right now.. i meant around the highs yesterday and this morning. Close enough in my book.
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#8
tommyt
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Posted 30 October 2008 - 11:24 AM
Last weekend I posted that 9 people were looking for a 20-25% drop this week...most of those were using Elliot and saying the 5th was imminent. You are now saying we are just entering the 3rd...OK
#9
dcengr
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Posted 30 October 2008 - 11:29 AM
Last weekend I posted that 9 people were looking for a 20-25% drop this week...most of those were using Elliot and saying the 5th was imminent. You are now saying we are just entering the 3rd...OK
No, we entered 5th.. this is just the 3rd of 5th..
Qui custodiet ipsos custodes?
#10
eminimee
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I don't care who's fur is flying...
Posted 30 October 2008 - 11:35 AM
Try this on for size...if we are in a forth....daily shows the bigger count...hourly shows how we might be doing the the 4th. Makes sense to me to have an ED into the election....or a triangle...but I'm sick of looking for those.. ..I'd love to see a visit to the 900 area and hold followed by a strong rally to put some merit to this..
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=7&mn=0&dy=2&i=p49300604897&a=113972872&r=9306.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=6&dy=0&i=p92422575776&a=104586413&r=6059.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=7&mn=0&dy=2&i=p49300604897&a=113972872&r=9306.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=6&dy=0&i=p92422575776&a=104586413&r=6059.png
Edited by Teaparty, 30 October 2008 - 11:38 AM.
