3 replies to this topic

[hawkeyefan]

I have read that since the top on September 4 all declines have been 5 waves and all advances have been in 3 waves. I do believe the individual was using 15 minute charts. There has not been enough hours traded since the 4th to say that about 60 minute charts. I guess he could have been using 5 minute charts. You are very good with EW. Is this what you see?

[eminimee]

While that is true...keep in mind a corrective ABC in the form of a zigzag can be 5,3,5.

This is the way I've got it right now but I'm using OEX....not saying it's correct as counting waves in this volatility is tough. ...the key right now is to stay very flexible. You can make good money with ES/NQ scalps either way and almost risk free by taking half a position off with 4/5 points of profit and letting the rest ride with break even stop. I've also posted a Q's chart here as another reason to stay on one's toes and don't get married to a position until big picture cleans itself up. I'm bullish IT/LT but very wary of more bottoming action possible.....

Here's an hourly and 5 min. OEX and the Q's daily.

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=3&dy=10&i=p00960300623&a=79663062&r=8401.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=5&yr=0&mn=0&dy=4&i=p41581665987&a=95301681&r=6154.png

http://stockcharts.c...9426&r=9679.png

[eminimee]

While I'm at it...I better give the ED version of the Q's as possible....



http://stockcharts.c...7068&r=8165.png

[hawkeyefan]

While I'm at it...I better give the ED version of the Q's as possible....



http://stockcharts.c...7068&r=8165.png

Thanks.

Yea, I saw the bullish divergence late in the day. The market either pops higher out of the gate Monday or ignores it and trades sideways, and then goes lower later in the day.